B2B Payments

Drop Delivery Starts Raising Capital For Cannabis B2B Payments System

Equity crowdfunding program Equifund CFP is launching a Regulation Crowfunding offering to help cannabis tech company Drop Delivery raise money for its all-in-one delivery system for cannabis products, according to a press release.

Drop Delivery is touted as the first all-in-one system for cannabis retailers to use for developing a business in a safe and compliant manner. Users will be able to sell products, collect digital payments, handle supply chain management, and help with last-mile delivery. All of it, the release stated, will aid businesses in growing customer bases and becoming establish.

Drop CEO and Founder Vanessa Gabriel said the solution is designed to combat the need for many different programs and solutions that most cannabis companies have to use to find their ways through the highly regulated industry.

"Our goal is to help cannabis companies streamline operations with a simple, all-in-one platform they can use to process sales, handle inventory, manage last-mile delivery, and market to existing customers," she said.

Equifund CFP CEO and Founder Jordan Gillissie said the capital raising is being done to help the industry come into the new digital age.

"America is rapidly shifting toward a 'delivery-first' model, and there is tremendous demand for last-mile delivery solutions today, especially in the cannabis industry," Gillissee said, according to the release. "We're proud Drop Delivery has chosen to open its doors to early-stage investors with Equifund CFP."

The cannabis industry has had a bumpy road into the world of traditional banking, due to the years-long path toward legalization in some forms, done in a state-by-state manner and still not federally legal. PYMNTS spoke with AeroPay CEO Daniel Muller, who said the original challenges of cannabis companies trying to bank federally can be circumvented by new, digital means.

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