Square, a well-known payment processing platform, is entering Canada’s cannabis market through a partnership with Jane Technologies, an online ordering service for marijuana products. This collaboration allows customers to purchase cannabis for delivery or in-store pickup. Additionally, Square is introducing an early access program for licensed dispensaries in Canada, enabling authorized cannabis sellers in Ontario to test the Square for Retail point of sale (POS) solution ahead of a broader launch.
Square’s offerings for cannabis clients go beyond payment processing and include features like real-time inventory tracking across multiple store locations and compliance alerts for orders that exceed Canada’s purchasing limits for marijuana products. Roshan Jhunja, Head of Retail at Square, highlighted that cannabis dispensaries often face limited options for reliable and integrated commerce tools. Square aims to provide an easy-to-use, fully integrated omnichannel solution to help cannabis businesses run both in-person and online operations.
The entry of Square, a popular mainstream payment processor and POS provider, into the cannabis space could put pressure on existing competitors. Many existing players in the cannabis financial services sector are relatively small compared to traditional financial institutions and specialize in serving regulated industries.
In the United States, most cannabis companies struggle to accept card payments for marijuana purchases due to federal marijuana prohibition. Banks risk legal liability for servicing illegal businesses, leading many to avoid the industry. A congressional vote on legislation to make it easier for banks to work with cannabis businesses is scheduled for the near future.
Despite these banking challenges, Square has been working with CBD companies since 2019. The company launched a pilot program to offer services to CBD sellers in 2019 and expanded the program later that year.
By FCCT Editorial Team
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