Alt Thirty Six is making its digital payment platform focused on the cannabis industry available to the wholesale network of CannTrade, a partnership the companies say will eliminate the need for using cash.
CannTrade operates as a B2B marketplace for the cannabis industry, allowing its clients to operate compliant marijuana sales. Through the arrangement with Alt Thirty Six, CannTrade clients can make payments through secure blockchain technology that uses Dash digital currency.
More than 1,000 businesses currently accept Dash currency globally, according to the DiscoverDash site.
“We are thrilled to be opening up access to our platform through CannTrade, a major force in the cannabis industry,” Ken Ramirez, co-founder and CEO of Alt Thirty Six, said in a Wednesday press release. “By providing a seamless, easy-to-adopt payment solution, our goal is to change the way cannabis businesses across the country operate and to ultimately take the industry fully cashless.”
Alt Thirty Six, of Tempe, Ariz., says its blockchain technology allows for immediate payment transactions that take less than one second to process, eliminating the risk typically associated with cryptocurrency transactions and market volatility. The company has been working for several months to decrease the use of cash in the legal pot industry.
The partnership makes CannTrade the first cannabis-specific B2B marketplace platform to offer a digital payment solution to cannabis businesses including cultivators, manufacturers, distributors and dispensaries.
“The cannabis industry has a significant cash problem, especially when it comes to the large, wholesale transactions that are commonly facilitated through our platform,” Adam Holub, president of CannTrade, said in the release. “We are partnering with Alt Thirty Six to provide a much-needed alternative to cash, alleviating the insecurity and inconvenience that so many of our clients currently face."
The launch of the payment platform provides access to digital payments for more than 400 businesses operating through the CannTrade marketplace.
Generally, the cannabis businesses on the marketplace use CannTrade to manage accounts and orders, and to facilitate large transactions.