Cannabis Credit is a’Comin
Due to the outdated legality of cannabis scheduling and the banking industry with a “hands-off, uh-uh, no way, not until it’s legal” attitude towards cannabis capitalism, in order to purchase legal weed from a dispensary one normally has to wait in long lines at the ATM for cash, the only type of money proprietors can currently accept. And if you have to drive quite a bit away to get there, then you are probably not just picking up a small quantity and who in the world wants to be walking around with a ton of cash?
Well, thanks to SuperNet that may no longer be a problem for some. Hoping to be the next VISA or Mastercard, SuperNet is set to launch in California in January 2022, and function as a credit card -- far different from the debit card transactions that some dispensaries allow which essentially work as cash payments, anyway. The company claims to be a powerful credit card network similar to American Express, Discover, Visa or MasterCard. SuperNet issues credit cards to consumers nationwide, acting as a full-service payment processor; as well as claiming to be able to provide “optimal transaction options for cannabis industry companies to stay at the head of the technology curve.”
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The nation’s hopeful first national creditor is acquiring new credit cardholders by partnering with financial institutions and Cannabis merchants. Super Processor then clears transactions via high velocity payment processing platform. Keeping payment processing in-house by utilizing CEO Michael W.K. Tsang’s Super Processor will help streamline the pipeline. Run by Tsang, along with fellow co-founder Canada’s industry veteran, Dress Wedding, and former American Express executive, Debra Wohlrab, SuperNet is primed for success. . Opportunities exist for retailers interested in branded credit cards, loyalty rewards programs, and more.
Maybe this will help give that final push to actually passing the Safe Banking Act. Only time and profitability will tell.