Alt Thirty Six, a cannabis payment solution providing platform (which is powered by Dash) has witnessed a substantial B2B transaction volume with the help of its new cash management solution.
Legal cannabis industry in the US is facing multiple issues especially when it comes to the payment and hassle-free completion of the transactions. Alt Thirty Six is leveraging on this issue and has come up with with a payment solution exclusively for legal cannabis market of the US. The Dash treasury partly funds its solution providing platform.
Its recently launched cash management program allows cash-heavy dispensaries to schedule a pickup so that it can exchange the cash against Dash. This is then used by the customers to pay suppliers by using the company’s platform., Alt Thirty Six’s president said. Her name is Lauren Murphy.
She further said that the company has, not a long ago, introduced a Cash Management Solution which has many features such as cash transportation, vaulting, and facilitating conversions. The Cash to Dash conversion services of the company provides multiple and huge technology platforms which are similar to that of CannTrade. It is a funding tool added to its online ecosystem so that it can allow cash-intensive, legal cannabis businesses to be a part of the banking system and make digital payments for wholesale orders.
The legal cannabis business has to register itself on the platform, and once it is approved by Alt Thirty Six and it has fulfilled all the platform’s requirements, the business can have access to cash management solution. A supplier can ask for a cash pickup directly from the Alt Thirty Six platform, and once the platform confirms the detail, the amount of the transaction has to get confirmed, cash is picked up, as soon as the amount is validated, the merchant will receive funds into their Alt Thirty Six account. The merchant can use, maintain or withdrawal this amount anytime as per the convenience. Cash-for-Dash transactions, at present, is worth six-figure/week.
CEO of Dash Core said that it’s not usual for a legal cannabis business to process $150,000-200,000 per week in cash sales. However, Alt Thirty Six users can reduce the costs and process in secured pathways by converting sales to digital funds.
Notwithstanding proceeding and extending B2B payment support, Alt Thirty Six is arranging a rollout of B2C support throughout the following couple of months, empowering clients to make buys from dispensaries specifically in Dash. As indicated by Murphy, upcoming months will see the onboarding of a great many merchants: