Vemanti Group, a diversified holding corporation, has announced that it is planning to launch a new wholly-owned subsidiary, which will provide mobile commerce and payments service for the cannabis industry.
According to the company, the planned subsidiary will offer a technology platform that will allow the legal cannabis industry to transact safely, securely, and remain fully-compliant via a cash-free mobile payments service.
Consumers can download an app that will act as a digital wallet to their smartphone and link their bank accounts or credit or debit cards.
The service will enable retail customers to pay for goods at any participating dispensary using their smartphones. All transactions will take place in a secure proprietary cloud-based infrastructure.
Vemanti Group CEO Tan Tran commented: "The cannabis industry needs access to digital payments in order to grow, and consumers want a safe and secure way to purchase marijuana products without always relying on cash.
“Our goal for the new subsidiary is to launch a service that 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. It will comply with every relevant regulatory requirement and provide a sustainable solution for the cannabis industry."
Going forward, the company plans to enhance this service to work as a ‘mobile shopping mall’ with Point-of-Sales (POS), CRM, and team collaboration integration available to the dispensaries via Software-as-a-Service (SaaS).