Leading Seed-to-Sale Payment Hub PayQwick Raises $2.86M to Support Expansion

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Leading Seed-to-Sale Payment Hub PayQwick Raises $2.86M to Support Expansion

 Calabasas – Oct. 26, 2017 PayQwick, Inc., the leader in seed-to-sale electronic payment hub for the legal marijuana industry, today announced it has raised $2.86 million. PayQwick will use the funding to accelerate sales and product development as the company expands into California, Nevada, Michigan and Alaska.

PayQwick’s platform allows legal marijuana businesses to pay each other electronically. PayQwick reduces the cash that these businesses handle, boosts the security of payment processing and increases efficiency.

“Our primary goals when we launched PayQwick were to allow legal marijuana businesses to pay each other electronically and to promote public safety by reducing the amount of cash handled by cannabis businesses,” said Keith Marks, CEO and co-founder of PayQwick. “Our app  allows growers and retailers to do just that with a swipe of a finger.”

Because of PayQwick’s stringent Bank Secrecy Act and Anti Money Laundering compliance programs, PayQwick’s clients can attain regular business bank accounts without hiding their involvement in the cannabis industry.

PayQwick serves cannabis businesses and the web-based, wholesale cannabis exchanges that are rapidly gaining acceptance. “Our investors spent a lot of time evaluating potential investments in this industry and felt PayQwick had the most sophisticated, user-friendly, and compliant software product they had seen,” Marks said.

Marks and co-founder Ken Berke have a history of building successful companies, and they have developed a keen understanding of the financial needs of the rapidly growing cannabis industry.

PayQwick is currently licensed to operate in Washington, Oregon and Arizona, and has begun beta operations in Colorado with select manufacturers and retail stores. Over the next six months, PayQwick plans to expand into California, Nevada, Michigan and Alaska. Twenty-nine states plus the District of Columbia have legalized the use of marijuana for medical and/or recreational purposes.

For more information about PayQwick, visit www.payqwick.com. The PayQwick app for cannabis businesses can be downloaded in the Apple App and Google Play stores.

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 About PayQwick

Founded in 2014, PayQwick brings proven payment processing, cash management and banking services to the licensed medical and adult-use (recreational) marijuana industries. PayQwick is a proprietary technology and regulatory compliance platform that sets the “gold standard” for providing financial services to the marijuana industry.

 

ROBOTS AND DRONES ENTER THE CANNABIS BUSINESS

Security systems, cameras and armed guards have dominated the cash-rich cannabis business since the inception of legal medical and recreational marijuana laws.  Recently, drones and robots have been introduced to defend against outside threats to businesses’ valuable and vulnerable assets as well as to minimize the often-costly consequences of human error.

Mechanically, robots and droids can conduct a complex series of actions automatically and efficiently with the capability of alerting human monitors when they detect that something is wrong.   They differ from armed guards because they ‘don’t shoot back at intruders’ and ‘can take a gunshot better than humans’’.  Though there is a chance that they will soon arm the robots with pepper spray.

Canndescent, a grow in Desert Hot Springs uses Hardcar Security to monitor and secure the perimeter of their site. A UGV, or Unmanned Ground Vehicle, made by a group called Intellos, provides the evening patrol and delivers more assurance than the visions of a lonely night guard falling asleep or playing video games at his post.

Recently, Eaze, a cannabis delivery company demonstrated the use of a drone at the Cannabis Cup in San Bernadino.  A spokesperson for the company said “We see it in the future.  It’s on the horizon”.

Automation seems to be all over the industry.  Smokey Point Productions in Washington has automated the seeding, feeding and trimming processes in their cultivation business and find it to be incredibly efficient.  “This saves me from having a person mix the nutrients and do it manually”.  A person however is used to place the product in a package but then the machine finishes the process when it seals, bar codes and counts the packages.

With the industry on a trajectory to very rapid increased growth, it only follows that the size of grow operations and delivery warehouses will need to embrace automation and the use of newer more efficient ways to deal with their volume and demand for speed.

VEG PayQwick

Cashing in on Cannabis; CannaCon’s Banking Panel

Marijuana’s profitability is no secret. Since Washington legalized recreational marijuana in 2014, recreational marijuana sales in the state have totaled over $1 billion, translating to over $250 million collected in taxes. Such substantial sales, however, have also brought problems in the form of cash.

Because of marijuana’s federal status as a Schedule I substance, financial institutions continue to deny banking services to state licensed marijuana businesses. Consequently, these businesses have been forced to deal in cash and suffer the sometimes lethal consequences.

There are, however, licensed marijuana businesses who have broken free from cash with the help of third party platforms like PayQwick. Licensed marijuana businesses can now easily access regular businesses bank accounts, cash management and bill pay services and the ability to send and receive electronic payments. These businesses also enjoy the added benefit of compliance services, which keep them operating in line with all of the state’s regulations.

To learn how to break free from cash, marijuana business owners and those considering the marijuana industry can attend CannaCon’s banking panel, “Cashing In On Cannabis – Compliance, Banking and Cash Management” on Friday, February 17, 2017 at 11:30 am in seminar room two. Moderated by MJBA CEO and Co-Founder David Rheins, the panel consists of Kenneth Berke, Christine Masse and Myles Khan.

Ken is the Co-Founder and CEO of PayQwick, Inc., a compliance, cash management and electronic payment processing platform that has facilitated regular business bank accounts for over 200 licensed marijuana businesses throughout Washington. He is also an attorney with 29 years of experience and has advocated for the legal marijuana industry before regulators throughout the U.S.

Christine Masse is a partner at Miller Nash Graham & Dunn, where she leads the government and regulatory affairs practice group and specializes in representing businesses in highly regulated industries with their transactional, regulatory, and public policy needs. She also leads the firm’s tribal team, providing counsel to various Northwest Native American tribes and organizations on matters such as marijuana.

Myles is a legal officer at Foundry Law. His practice focuses on corporate, entertainment, intellectual property, business development, cannabis and regulatory matters. Myles also owns Buddy’s, one of Washington’s most prominent marijuana retailers.

The panel will focus on how businesses can reduce their cash use, secure bank accounts and remain compliant. Attendees will be able to ask questions of the panelists.