Digital Payments Platform AeroPay Enables Online Payments for Cannabis Dispensaries
Digital payments platform AeroPay has joined forces with cannabis eCommerce provider Jane Technologies Inc. to enable digital payments through AeroPay for the more than 2,100 dispensaries and 300 companies selling products through Jane’s online marketplace, according to a Thursday (Oct. 14) press release. The cashless, contact-free payment method allows cannabis customers to digitally pay for pickup or delivery orders from the dispensary or company’s checkout page on mobile or web, according to the announcement.
The integrated payment platform is in use by some cannabis industry companies and dispensaries throughout the 36 U.S. states where cannabis sales are legal.
Approximately 20% of all legal cannabis transactions in the U.S. are conducted via the Jane platform, according to the release. In 2020, Jane handled more than 17 million orders totaling more than $2 billion in total transactional volume. For 2021, the company anticipates 25 million orders and an estimated $3.5 billion in total volume.
As more states legalize marijuana consumption, significant growth in sales is expected. According to PYMNTS, the cannabis industry is projected to hit $130 billion by 2024.
See also: Cannabis Digital Infrastructure Startup Jane Technologies Closes $100M Series C
Both companies appear to be poised for future growth.
In August, Jane generated $100 million in a Series C funding round, pushing its total funding to approximately $130 million, according to PYMNTS. At the time, Jane officials had said it planned to use the funding to expand its footprint in the cannabis space, develop additional products and build upon the digital framework for the cannabis sector globally.
In addition, the company envisions expanding operations, hiring new staff and advancing new technology to connect cannabis companies to eCommerce.
Related: AeroPay Raises $5 Million To Expand Digital Payments In Cannabis Industry
Chicago-based AeroPay had a successful fundraising round this year as well. In March, the company netted more than $5 million in a venture funding round. That funding was earmarked for broadening its reach in the cannabis realm, hiring additional staff and further expanding its product's features.