155: How Technology Is Enabling PayQwick to Transform the Legal Marijuana Industry
Marijuana is now legal for medical or adult use in 28 states, accounting for more than 60 percent of the U.S. population. But conflicts between federal and state law bring unique challenges for marijuana companies.
These conflicts were highlighted by Forbes magazine in an article by Julie Weed who stated reported:
“By law, customers can’t use credit cards to buy marijuana, and banks won’t open accounts for cannabusinesses because they are federally illegal. For the most part, customers pay with cash, stores compensate employees and pay suppliers with stacks of cash, and farmers pay for their utilities and lawyers with bundles of cash”
This is creating opportunities and the rise of so-called Potpreneurs who are aiming to bring regulatory compliance audits into the 21st century ensuring compliance with state law and reducing the potential for involvement by criminal enterprises, gangs and drug cartels.
PayQwick is the only company in the world to my knowledge that solves the legal, cash and compliance challenges faced by the marijuana industry. Upon reading this, I was compelled to find more so invited Kenneth Berke, the CEO of PayQwick onto the show.