Cannabis Cash management services suppliers

Cannabis Cash Management Kiosk

By Craig Keefner Sep 18, 2015: Living in Colorado like I do, it makes a lot of sense for me to do a bit of an update on the budding (or blooming) cannabis industry. Speaking for myself and from what I see Denver has quickly graduated into the big hub status. Only Donald Trump gets as much press (for now).

Typical “teller” configuration here at local cannabis shop. Click to expand to view size

Last week I went into one of the recreational shops to do some research. I live on north side of Denver. I asked about good days and bad days. Average transactions. Payment methods and bills if cash. My estimate for the 100 or so shops in Denver is around $500K per day. That is recreational + medicinal.

In January Colorado got $2M in tax revenues (28.5% rate) from recreational. That includes cigarettes, loose leaf, and edibles.

In the self-service industry today was a new site launch for Cannabis Cash Solutions. CCS provides vault and software integrations for cash management in a recreational marijuana establishment.

Benefits include:

Budtenders never have to handle the cash again
Makes integrating complex cash devices fast and simple
Accept cash and dispense cash and coin
Huge savings on development costs
Reduce integration time down from 9+ months to days

CCS is also offering smart vaults.

Benefits:

Securely accept, dispense and vault your cash
Budtenders never have to handle your cash again
Accept cash and dispense cash and coin
Can be mounted inside your counter for minimal presence or to the ground
Supports Windows, Android, iOS, Linux and more

It’s a simple transaction here requiring just a drivers license. Average transactions are $60 or so?

Legal and banking constraints make it difficult for business to be conducted via credit card (though as much as 50% is…). Cash is king, again.

Another company I’ve been watching is TrustJane. Kiosk services but more than that they are a compliance team for the marijuana businesses. Also you can see TrustJane at the CWCBE in LA this week.

Jane co-founder Jeff Foster will be one of the featured speakers at the 2nd Annual Cannabis World Congress and Business Expo,the leading forum for doing business in one of the fastest growing industries in the United States. If you’re employed in the cannabis industry, a current business owner, interested in starting a cannabis business, provide private equity & investment resources, or provide professional or business services, this is an event you can’t afford to miss. Jane will also be at booth 313. Stop by and say hello.

More on CCS from Andrew Savala:

Our main goal for CCS is to provide secure cash handling for marijuana dispensaries. This is why we’re creating the Cannabis Smart Cash Vault https://www.cannabiscashsolutions.com/service-view/cannabis-smart-cash-vault/ This way the budtenders no longer have to handle the cash because the cannabis smart cash vault will accept the customers payment and dispense change.

We offer a couple payment options where the dispensary can either buy the vault outright our have a subscription based model.

We’re also creating payment device integration software so cannabis application developers can easily integrate cash payment devices into their applications https://www.cannabiscashsolutions.com/service-view/cannabis-cash-device-integration-software/

Our software greatly lowers the learning curve for developers wanting to integrate payment devices into their marijuana POS, kiosk or other cannabis related application. The software also doesn’t require the use of our smart cash vault which gives the application developer the freedom to create their own secure enclosure.

More Info

News

9/18/15: In Denver today it was announced that the city has decided to do an about face and work on solution to “marijuana tourists”.
9/18/15: Ohio struggles with legalization – link
9/15/15: Taco Bell fighting back and will serve alcohol – link

Additional Resources

MGmagazine_Jane_profile_Sept2015

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