Updated: May 9, 2022
During the first half of 2022, a credit card exclusively created for the cannabis industry by “Fintech SuperNet” will be launched in the United States. It will initially be operative in the states of Florida and California.
By offering a credit card that works in cannabis stores and under the same conditions as other bank cards, cash purchases in cannabis stores will decrease, thus helping to advance the regularization of the cannabis industry.
On the other hand, to make this card project a reality, the company “SuperNet” had to come a long way. More than ten years passed between financial meetings and negotiations for cannabis merchants and their products to adhere to this challenge.
Also, the SAFE Banking Act (H.R. 1595) is a bill designed to protect banks that provide services to Legitimate Cannabis-Related Businesses (CRLBs) as long as these businesses comply with state laws. Michael Tsang, CEO of SuperNet, said that if there is a modification of banking regulations in the United States, the company can adapt to such changes and expand its portfolio of services while also offering them in other countries with similar legislation.