Cannabis logistics startup WAYV has launched a payment solution for the cannabis supply chain, according to a report.
The goal of the initiative is to reduce reliance on actual cash and to provide legitimate cannabis companies with a line of credit to simplify the selling process, from growing all the way to distribution.
The company has worked to legitimize itself by remaining compliant with California’s strict cannabis laws, a move that will let companies in the industry worry less about capital requirements and more about managing compliance.
WAYV recently launched a distribution product, and with its new payment solution, the firm is positioning itself to become a major player in the cannabis industry.
“Businesses will no longer be beholden to inefficient and unpredictable payments with WAYV as the industry’s facilitator and partner,” said WAYV CEO and Founder Keith McCarty. “We provide a turnkey solution that is the most efficient, least costly way to exchange capital and products throughout California.”
WAYV is partnering with Hypur, a Scottsdale-based payment and banking company, on the initiative. WAYV Payments will enable companies in the industry to have a line of credit and to exist more like legitimate businesses without worrying about having cash on hand. Customers will get a holistic view of payments, with a dashboard to illustrate transaction details, including taxes and fees.
“It’s required by state law that manifests are generated and submitted to the state,” McCarty said. “At any given time, you can be pulled over, and there can be an audit on it. And if those things are not being done, you’re in jeopardy to lose your license, [which] can cost millions of dollars.”
WAYV also has an API that will track a product from the moment it is planted to the time it sells, which is a process that once required a lot of manpower but can now be done automatically.