WAYV, the VC-backed company launched by Eaze’s founder Keith McCarty, and finance and compliance tech company Hypur have partnered up to launch a “credit card-like” B2B technology solution for the cannabis industry.
The payments solution, aimed at the entire cannabis supply chain, helps businesses reduce their reliance on cash, move money across the supply chain digitally, and automate compliance and taxes.
McCarty told Benzinga WAYV was founded to solve one the biggest problems the legal cannabis industry faces today: finances. WAYV provides technology-enabled logistics, an e-commerce marketplace, and now, payments and finance, for the entire supply chain. The company seeks to “streamline the flow of capital and goods throughout the entire state of California.”
"Our new payments solution is the fastest, most reliable, and safe way to move money throughout the supply chain and California," McCarty said. "Over 90% of licensed retailers and over 80 leading brands trust WAYV to handle some of the most difficult parts of their business.”
He said explicate operating in cash really constrains the growth of cannabis businesses, while digital payments offer a fast and efficient alternative. “Our partnership with Hpyur and new solution is a game-changer for an industry that deserves access to modern tools to help their businesses thrive," he said.
Adding to these comments, Tyler Beuerlein, chief revenue officer at Hypur, told Benzinga, “The cannabis industry at large has yet to experience the full potential and value of what modern, digital payments can do to help their business… Hypur is making the most challenging industry to bank, the most transparent - that's what regulators and banks want and need.”