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 http://www.payqwick.com. The PayQwick app for cannabis businesses can be downloaded in the Apple App and Google Play stores.
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