‘Turning green into green’: Payment startup aims to capitalize on banking void for marijuana companies
Canadian marijuana payment processor startup Merrco Payments Inc. is among a new crop of companies marrying two of today’s trendiest business pitches — financial technology and marijuana — in an effort to capitalize on the gap for marijuana companies left by risk-averse big banks and payment companies.
The Calgary-based company pitched a room full of marijuana industry insiders Friday at the O’Cannabiz conference in Toronto on its e-commerce payment processing plan that will offer licensed marijuana sellers a tech solution that complies with the proposed Cannabis Act.
The startup’s pitch might still be half-baked, but Merrco, which started talks with licensed producers in January, knows it needs to act fast to carve out a niche before recreational marijuana becomes legal, a move expected in July 2018.
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