Cash is one of the U.S. marijuana industry's most nagging problems.
Although a growing industry — to date, marijuana is now legal for medicinal use in 25 states and Washington, D.C., and legal for recreational use in four plus D.C. — traditional banking relationships with these Schedule 1 drug dispensaries are not the norm. So these businesses are cash only, leading to issues with managing the money, reconciling the books at the end of each day and dealing with the IRS.
Considering that industry sales jumped 17 percent to $5.4 billion in 2015 and are expected to increase another 25 percent this year, according to ArcView Group, these dispensaries are flush.
Yet one Denver-based start-up, Jane, is hoping to solve the many challenges these cannabis dispensaries face — by offering a retail kiosk payment solution to allow for financial transparency and more accurate accounting.