Cannabis Sales Set To Go Mobile (Feb. 5, 2014)
SinglePoint Inc., a Phoenix-based mobile technology and marketing company, has developed Mobile Cannabis Currency, a mobile payment system branded for the cannabis and medical marijuana industry, enabling merchants to accept credit card payments using their mobile phones.
The system is based on SinglePoint payment technology used for other business applications, according to an announcement. SinglePoint also provides text-message marketing and notifications, enabling cannabis establishments to send messages informing clients of the latest inventory and new products or services.
The company said its mobile payment system is ready to be rolled out; it’s just waiting on U.S. Attorney General Eric Holder. Last month, Holder said federal agencies soon will issue regulations to open banking services to state-sanctioned marijuana businesses, according to a Reuters report. The new rules are intended to alleviate problems related to operating on a cash-only basis and accounting for state sales tax-collection, among other issues.
“We are very excited to be preparing this product for the cannabis industry, the medical use of which is now legal in 20 states and quickly spreading along with recreational use now legal in Washington and Colorado,” said SinglePoint President Greg Lambrecht. The company also is considering developing products that enable sales using prepaid cards, virtual wallets and digital currency.