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Vank app now available for cannabis dispensary payments

To ensure compliance, the company has established an alliance with Safe Harbor Financial.

Cannabis dispensaries across Puerto Rico have recently adopted Vank, the first locally developed mobile payment solution specifically designed for this industry.

The app direct debits and complies with local and federal regulatory frameworks at a time when the federal government is considering reclassifying medical cannabis as a less dangerous drug.

“This technological solution represents a significant advancement for cannabis dispensary owners as it allows them to optimize their operations and increase customer retention. It also provides a safer environment by reducing cash handling and storage,” said Ismael Stella, Vank’s business development manager. “For patients, it offers the convenience and flexibility they seek daily, as well as being easy to use and compliant with the highest banking security standards.”

The adoption of the technology by multiple cannabis dispensaries in Puerto Rico coincides with federal agencies such as the U.S. Department of Health and Human Services, the Food and Drug Administration, and the Department of Justice evaluating the reclassification of medical cannabis as a less dangerous and less regulated drug, at the request of President Joe Biden.

“This reclassification would acknowledge its medical uses and lower potential for abuse compared to other drugs. It would facilitate research on medical uses and benefits, as well as contribute to market expansion and improved public perception,” said Stella.

“However, existing banking restrictions would not change regardless of its reclassification. Given these challenges, tools like Vank become more relevant as they provide greater operational and fiscal transparency to a highly regulated industry,” he added.

The payment solution uses the Automated Clearing House (ACH) system, a secure money transfer process between banks that does not involve checks, wire transfers or cards. Funds are transferred directly from the patient’s bank account to the cannabis dispensary’s bank account.

No sensitive user information is collected by the application. Patients download the Vank payment app from the Apple App Store or Google Play Store, create a profile and connect it to their bank account.

“Vank only serves as an interface to facilitate the payment made by the patient at the medical cannabis dispensary. The funds are handled in a reliable and secure transaction between the patient and the dispensary through a closed-loop payment system,” Stella explained.

To ensure compliance, Vank has established a strategic alliance with Safe Harbor Financial, an institution dedicated to compliance, monitoring and validation services for financial institutions in the U.S. cannabis industry.

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This story was written by our staff based on a press release.

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