Mobile technology and full-service payments firm SinglePoint, Inc. finalized an agreement to advertise its cashless payment options on Leafly.com, which is an online cannabis information resource. The move is designed to assist recreational and medicinal cannabis dispensaries, according to a SinglePoint press release.
SinglePoint already provides cashless payment solutions to the legal cannabis industry, and the new ads are targeted to dispensary owners, the statement explained. When owners log into their Leafly portal, they can see the ads. So far, SinglePoint is the only payment technology company that is advertising on Leafly.com.
"I feel this agreement with Leafly will dramatically increase our revenue and ideally become the payments leader within the industry,” SinglePoint CEO Greg Lambrecht said in a statement. “SinglePoint looks forward to working with Leafly in order to provide payment solutions across the country to the cannabis industry."
Earlier this year, the retail marijuana industry reached a major milestone, when Spearmint Resources Inc. signed a letter of intent to acquire a 50 percent interest in a payment processing technology. When the deal was announced in May, the technology in question was still under development. However, once available it would let consumers safely access information at their convenience and it would facilitate electronic payments for retail marijuana commerce.