Alt Thirty Six, a digital payment and compliance platform designed to help the cannabis industry go cashless, announced Tuesday (April 23) it raised $10 million in venture funding.
In a press release, Alt Thirty Six said the funding round was led by a private equity firm. The proceeds will go to accelerate growth and enhance the development of its platform. Alt Thirty Six's platform eliminates the need for cash in the pot industry by using blockchain technology and Dash, a decentralized digital asset, to facilitate the transfer of funds at dispensaries and cannabis businesses. The company said in the press release the funding will drive more expansion, advance the technical functions and abilities of the platform and get the proper licensing in states across the U.S. The goal is to use the funding to achieve mass consumer adoption in the cannabis industry, the company said in the press release.
"We are committed to revolutionizing the cannabis space by increasing access to compliant digital payments, making transactions easier and faster for all cannabis businesses," said Ken Ramirez, co-founder and CEO of Alt Thirty Six in prepared remarks. "This new Series A funding round provides us access to the resources we need to help facilitate our vision for one of the fastest growing industries in the country."
The unnamed private equity firm said it is "thrilled" to lead the funding round, adding a new payment-focused element to its portfolio. "We fully support Alt Thirty Six's innovative payment technology and dedication to providing the cannabis industry with an alternative to cash," said the private equity firm in the press release.
In recent months Alt Thirty Six announced a partnership with CannTrade, a provider of cannabis software technology, and hired Jason Breidis as chief architect. He's a payments expert whose work led to the acceptance of electronic payments at McDonald's restaurants, the company said in the press release.