CanPay, the first debit payment solution for the cannabis industry, and Safe Harbor Private Banking, the leading compliant banking program for cannabis businesses, today announced cashless payment and banking services for the Hawaii cannabis industry. Both businesses are headquartered in Denver, Colorado.
Despite 29 states and DC approving legal medical cannabis, major financial institutions do not serve cannabis firms for fear of running afoul of federal laws ruling cannabis illegal. As a result, many cannabis firms still operate on a cash basis, a tremendous inconvenience to consumers and security risk to businesses—or they use firms like CanPay and Safe Harbor, where available.
CanPay offers cashless payment services to 60 dispensaries in 7 states, including Washington, Oregon, Colorado, California, Maine, Florida, and now Hawaii. Safe Harbor, the banking solution, now serves 100 businesses and has over $1 billion in deposits.
Safe Harbor is a division of Partner Colorado Credit Union. CEO Sundie Seefried devised the program in 2015 to offer lawful cannabis firms the financial convenience other businesses enjoy. The program has withstood the scrutiny of federal and state regulators.
Together, CanPay and Safe Harbor now increase the convenience, transparency and security of dispensaries and patients throughout Hawaii.