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


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.


Sessions Signals Cannabis Complaisance

Deciphering Attorney General Jeff Sessions’ remarks on cannabis is critical to anticipating the future trajectory of the cannabis industry. Mr. Sessions has long been a cannabis opponent. Consequently, his appointment to Attorney General created worry throughout the cannabis industry. Mr. Sessions began to allay these worries shortly after his appointment by calling the enforcement priorities in Deputy Attorney General James M. Cole’s 2014 memorandum titled Guidance Regarding Marijuana Enforcement (the “Cole Memo”) “truly valuable” and “valid.” On April 26, 2017, Mr. Sessions offered the cannabis industry further hope after his meeting with Colorado’s Governor John Hickenlooper.

Governor Hickenlooper reported Mr. Sessions was receptive to communicating with him and Governors Brown (OR), Walker (AK) and Inslee (WA) before making changes to the current cannabis regulatory and enforcement systems. Further, according to Governor Hickenlooper, Mr. Sessions is “reviewing the Cole Memo” and working on “a version … that makes sense for [the Trump] administration.” The Attorney General also stated one of his greatest concerns with respect to cannabis is increased drug consumption. Governor Hickenlooper reassured Mr. Sessions that in Colorado, recreational cannabis legalization has not caused a large spike in consumption, especially amongst teens.

When asked about increased federal enforcement, the Attorney General responded “well you haven’t seen us cracking down, have you?” According to Governor Hickenlooper, Mr. Sessions’ responses indicate the Department of Justice’s (the “DEA”) drug enforcement priorities will focus on hard drugs like heroin, methamphetamines and cocaine. Although Mr. Sessions is “not going to, in any way, encourage anyone to start a marijuana business,” he did not “give [Governor Hickenlooper] any reason to think that [the DEA] is going to come down and suddenly try to put everyone out of business.”

Though Governor Hickenlooper’s account of his meeting with Mr. Sessions is reassuring, it also reiterates the critical importance of compliance for cannabis businesses. To ensure their success, these businesses must take advantage of compliance platforms like PayQwick, whose comprehensive compliance assessment programs incorporate all applicable federal and state laws, regulations and guidelines. By making compliance a priority, these businesses can worry less about federal crackdowns and focus more on their businesses.

by Ken Berke PayQwick








It may be counterintuitive, but what if marijuana is not a ‘gateway” drug to other more dangerous drugs at all, but rather is quite the opposite?

Made possible by the growing legalization of marijuana, rehabilitation centers like High Sobriety in Los Angeles are overseeing the use of marijuana as a substitute for more potent drugs and as a bridge to the addict’s new sober life.

Dr. Marks Wallace is the University of California San Diego’s chairman of the division of pain medicine in the Department of Anesthesia and has treated hundreds of patients with marijuana over the past five years to help in the transition off opiates. He like others do agree that more studies are needed for this specific use.

Even though a recent report from the National Academy of Sciences “found no evidence to support or refute the conclusion that cannabinoids are an effective treatment for achieving abstinence in the use of addictive substances”, the group did find strong evidence that cannabis and related compounds can be used to treat chronic pain in adults. As chronic pain is a different animal, experts remain skeptical if this applies to wean people off opioids.

Psychiatrist Dr. Mark Willenberg, who treats addicts and oversaw research at the National Institute for Alcohol Abuse and Alcoholism, calls it completely absurd! He says that it doesn’t work and it is like “trying to cure alcoholism with valium”.

The idea for this type of treatment is a result of several emerging factors in the world of addiction. There has been an explosion in the number of opiates consumed in this country and an increased death toll to go along with it. The traditional 12-Step program requiring abstinence with its prohibitive costs often leads to relapse and failure. A recent JAMA Internal Medicine study found that states with medical marijuana laws have seen lower rates of death from opiate overdose. The Schedule 1 label by the federal government has made funding for additional studies to test this hypothesis, sparse. A combination of these and other factors have led to alternative ways to treat addicts.

The national opioid epidemic will continue to encourage and necessitate the need for better options as the climate of addiction treatment struggles to find a better way.

written by VEG PayQwick