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

California’s Cannabis Conservation

A group of six California legislators, led by Assemblyman Reggie Jones-Sawyer, have drafted new legislation in response to the Trump Administration’s statements on marijuana. The bill, which has drawn disapproval from local law enforcement officials, aims to block local police and sheriffs’ departments from assisting federal investigations and arrests of state licensed marijuana businesses unless compelled by a court order. According to Assemblyman Jones-Sawyer, “[p]rohibiting [California’s] state and local law enforcement agencies from expending resources to assist federal intrusion of California-compliant cannabis activity reinforces…the will of [the] state’s voters who overwhelmingly supported proposition 64.”

Those opposed to the bill, like Kern County Sheriff Donny Youngblood, believe directing law enforcement’s cooperation with the federal government is “really quite offensive.” Youngblood further argues “[growing and selling marijuana] is still a federal felony and we are still in the United States of America and the state of California cannot take over the United States.”

In response, the bill’s proponents assert pot protective legislation is necessary because marijuana businesses pursuing state licenses need assurance that licensure will not make them more susceptible to arrest and prosecution under federal law. Accordingly, the bill seeks to prohibit local law enforcement agencies from using any resources to assist a federal agency to “investigate, detain, report or arrest” licensees unless served with a court order. The bill would also ban California authorities from giving licensees’ personal information to federal agencies. According to the bill’s co-author, Assemblyman Rob Bonta, protecting licensees’ personal information ensures they are willing to share it with state regulators. Currently, California’s Bureau of Medical Cannabis Regulation treats all requests for personal information as a formal request and determines, pursuant to the information sought, what it may release and what is exempt from disclosure.

This bill reiterates that when it comes to cannabis, California law makers are on the side of the compliant. To ensure their compliance and its accompanying protections, California marijuana businesses should 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 prosecution and focus more on profits.

K Berke