With both Washington and Colorado allowing people to sell legal recreational marijuana, pot-related entrepreneurs — from growers to processors to retail shop owners — need a way to manage their funds more than ever.
But that’s proving to be difficult, with a majority of the nation’s big banks and credit card companies wary of the legal ramifications that may result from working with marijuana businesses. This has forced the entrepreneurs to process their transactions with huge amounts of cash.
That’s where SingleSeed Payments wants to help. The new startup is a subsidiary of Seattle-based mobile advertising company SinglePoint and bills itself as a cashless payment solution provider for the cannabis industry.
SingleSeed today announced that it now advertising on Leafly, a marijuana strain resource that won GeekWire’s App of the Year award in May and just ran a full-page ad in the New York Times. This is the first payment company to advertise on Leafly.
Leafly co-founder Cy Scott said that SinglePoint has become his company’s “unofficial preferred payment solution.”