The payments ecosystem in Canada is becoming disrupted by an unlikely new player: cannabis.
With sales forecasted into the billions for the first year of legalization, it’s crucial that the cannabis industry can move towards fast, frictionless payments to keep up with demand. Taking cannabis out of the shadows and into the mainstream has taken considerable thought not just from the federal and provincial governments, but from the financial industry as well.
The payments sector in-particular has needed to set the framework for how the money will flow in this new ecosystem. Ensuring the lawful sale of cannabis ends up in the right hands and for the proper amount.
The cannabis and financial industries will need to work together to create new and improved ways to process payments for the cannabis industry. This white paper will take you through the piece that the payments industry will play in connecting all the players of the cannabis industry.
In this white paper, you will get:
Challenges and opportunities for FinTech
FinTechs have the opportunity to be the backbone for virtually every cannabis transaction. On the flip side, finding a banking partner that will support cannabis payments will continue to be a challenge.
How the cannabis payment process works
Everything you need to know about how the sale of cannabis will take place; from retailers to distribution, payment types, consumer data protection, and everything in between.
The implications for the Canadian economy
With cannabis projected to be a multi-billion dollar business, the financial industry needs to be prepared to meet the surge in demand as it applies to transaction load.