Business TREND. A Venmo-like App for Cannabis

When cannabis companies can’t bank in traditional banks, the industry needs alternatives.

Who: Hypur, the company behind the Venmo like app

How it works:

• Customers enter a code at the dispensary to transfer funds from their checking account

Concerns about this mode of payment:

• Hypur charges 3% per transaction, higher than the 1-2% of credit cards
• No federal oversight
• Privacy concerns

Columbus Dispatch | Arizona company starts Venmo-like service to buy medical marijuana