CannaPlan Enables Employers to Offer
Cannabis Benefits to their Employees for Physician Appointments and
Purchases at Dispensaries that Accept CanPay
LITTLETON, Colo., May 22, 2024
/PRNewswire/ -- CanPay, the largest legitimate payment
network for cannabis retailers and consumers, has announced a
partnership with CannaPlan, an employee benefits platform
for employers to provide funding for their employees' cannabis
purchases. With the partnership, CanPay will enable the use of
CannaPlan funds to offset the costs of their purchases at cannabis
dispensaries.
CanPay provides an easy-to-use app that allows consumers to pay
for purchases at cannabis retailers with a simple debit from their
checking account using the Automated Clearing House (ACH) network.
Now, consumers with CannaPlan membership through their employer
will be able to use the CanPay app to apply their monthly CannaPlan
benefits to cannabis purchases at dispensaries.
The first-of-its-kind partnership is possible due to CanPay's
unique payments network, which is the largest in the cannabis
industry with more than 300,000 users and over 1,100 dispensaries
across 34 states that accept the mobile payment app.
"Most insurance companies are either unable or unwilling to
offer medicinal cannabis benefits to employers. CannaPlan is
working to solve an issue for employees and employers – much like
CanPay solved the issue of legitimate, stable payments for cannabis
– by bridging the gap between employer-funded healthcare
prescriptions and medicinal cannabis. We're thrilled to be able to
support CannaPlan by providing the no-cost digital payments
platform for its users to apply their benefits when purchasing
medicinal cannabis," said Dustin
Eide, CEO of CanPay.
CanPay alerts CannaPlan members when their funds are available.
Members can then convert their CannaPlan funds into CanPay Points,
which can then easily be used to help pay for their purchases using
the app at dispensaries. The service comes at no cost for CannaPlan
members. Merchants can expect to see increased spending at their
dispensaries, with no additional cost to them.
"CanPay is the only payments network large enough, and
sophisticated enough, to facilitate CannaPlan's employee benefit
program at medicinal cannabis dispensaries. By helping employers
offset the cost of medicinal cannabis for their employees, we aim
to reduce prescription drug costs for companies, saving money on
future premium increases. Alongside these potential cost savings,
top-notch employee benefits work to attract and retain top talent,
especially in high turnover industries," said Stew Baskin, CEO at
CannaPlan.
CannaPlan offers employers the opportunity to support their
employees by covering medical cannabis physician consultations and
medications. This new approach to employee wellness can help
employers reduce future pharmaceutical plan costs and stand out to
prospects.
"There's really no other payments network in the cannabis
industry that can do this. It's not often that you can announce a
win-win-win-win-win scenario, but that's what we have here, given
the wonderful benefits for employees, employers, merchants,
CannaPlan and CanPay," added Eide.
Merchants with a compliant bank account at a CanPay-approved
financial institution may join the CanPay network quickly and
easily, allowing consumers to use their CannaPlan benefits at their
dispensaries. CanPay Points are also part of the CanPay Rewards
Program, which allows consumers to spin a wheel to win points for
discounts on future purchases using the app.
About CanPay
CanPay offers a payment solution for the
state regulated cannabis industry and other emerging
markets. CanPay started with one goal – to bring traditional
and legitimate electronic payment solutions to highly-regulated
industries. We've spent years learning about the unique challenges
that face consumers and retailers in these industries and used that
experience to design CanPay as the stable payment solution they can
rely on. With over 30 years of industry experience, the CanPay team
of payments professionals is building a proprietary network of
consumers, retailers, financial institutions, and specialized
technology providers that make payments at regulated businesses
just like payments everywhere else. For more information, visit
https://www.canpaydebit.com.
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SOURCE CanPay