A New Payments Solution for Cannabis

Cathy Corby Iannuzzelli has worked at the intersection of technology and financial services before “fintech” was even a word. Now, she’s leading the launch of KindTap, a first-of-its-kind payments service for the cannabis industry.

The Case for Cannabis and Banking Services

The sale of cannabis by licensed dispensaries typically involves cash as payment. This action results in dispensaries, vendors and other merchants exchanging and transporting large amounts of cash, which in turn, leaves those in the chain of currency custody vulnerable to theft, as well as those who knowingly or unknowingly are in close proximity.

banking and marijuana

State-Run Pot Bank Not Realistic

With recreational pot sales slated to begin statewide in July and financial institutions largely staying away from the industry, the state’s top cannabis official Steve Hoffman has proposed setting up a state-run pot bank.