Canna Biometrics, LLC provides a comprehensive mobile commerce and payments service for the emerging legal cannabis industry.
Through our biometrically-enabled system, the service enables retail customers to pay for goods at any participating dispensary without using physical cash. It also provides dispensaries, growers, and other legitimate participants of the industry with the opportunity of carrying out non-retail transactions among themselves in digital payments.
Canna Biometrics believes that the emerging legal cannabis industry where retail and non-retail transactions, including vendor payments and payroll, are almost exclusively paid for with cash presents a real challenge for financial institutions. Concerned about the evolving conflict between federal and state laws, the system has been developed to avoid the inherent risks associated with this cash-intensive sector. It is widely acknowledged that many are unwilling to go to the expense of establishing and maintaining the type of thorough due diligence program for this emerging market at the present time in order to comply with growing demands of Know Your Customer (KYC) guidelines, anti-money laundering regulations, and the USA Patriot Act. As the result, traditional banking and payment solutions have been out of reach for the vast majority of cannabis businesses.
Canna Biometrics provides a technology platform empowering the legal cannabis industry to transact safely, securely, and remain fully-compliant via a cash-free mobile payments service. The Company has an extensive background in providing mobile banking, commerce, security, and payments solutions to banks and financial institutions and applies that experience to the legal cannabis industry.
The cannabis industry needs access to digital payments in order to grow, and consumers want a safe and secure way to purchase cannabis products without always relying on cash. The Canna Biometrics comprehensive mobile commerce and payments service alleviates the risk of cash transactions and helps dispensaries monitor and record data needed to address concerns about violating anti-money laundering laws, with the long-term goal of moving transactions away from cash altogether. The Canna Biometrics system complies with every relevant regulatory requirement and provides a sustainable solution for the cannabis industry.
Consumers download an app which acts as a digital wallet and link their bank accounts, credit or debit cards. They then pay using the app at participating dispensaries. At the point of sale, money is transferred from the consumer’s account and issued to the dispensary. Dispensaries can choose to leave the funds in their account, use them to pay other participants of the same system, or transfer funds out to a bank account. All transactions take place in a secure private blockchain infrastructure.
Canna Biometrics plans to enhance this service to work as a Point of Sale (POS), Customer Relationship Management (CRM) and team collaboration integration available to the dispensaries via Software as a Service (SaaS). Consumers will be presented with multiple “mobile shops” plus different fulfillment options and customer loyalty programs. The first product demo is planned for California first half of 2017 and, after the field-trial phase, will be available in states where medical and recreational cannabis consumption has been legally approved.