AeroPay – a digital payment platform, has joined hands with Cannabis e-commerce vendor Jane Technologies Inc. to allow all financial transactions and payments digitally via AeroPay for around more than 300 companies and 2100 dispensaries selling products with the help of Jane’s online marketplace – according to the press release. Such contact-free and cashless payment methods permit cannabis customers to pay for the delivery orders digitally from the company’s official checkout portal or dispensary in reference to the announcement made.
This integrated payment platform is widely in use by a few of the cannabis companies and dispensaries all across 36 US states where the sales and purchase of cannabis are legal.
Around 20% of all the transactions that are legal in the US take place via the Jane platform – according to the release. The Jane platform saw around 17 million orders in total, making over $2 billion transactional value in 2020. And the company is likely to make 25 million orders which are projected to be around $3.5 billion in total transaction volume for the year 2021.
With the growing legalization of marijuana consumption, it is expected that the sales of the current year are likely to expedite all previous statistics. According to PYMNTS, the Cannabis industry is anticipated to reach $130 billion by 2024.
Both AeroPay and Jane Technologies are likely to register a significant growth rate in the forthcoming years.
Jane generated around $100 million the August in this series of C funding round, making its funding in total around $130 million, according to PYMNTS. The Jane officials mentioned that they have planned to utilize this funding amount to widen its footprint in the cannabis sector to develop the digital framework for the cannabis space and also build additional products to help the market grow globally.
In addition, the company is moving forward with the vision of expanding its operations, advancing towards adopting innovative technologies and hiring new staff to connect cannabis companies to e-commerce effectively.
However, the Chicago-based AeroPay was successful in raising a fair amount of funds all around this year. Also, the company has made around $5 million in a venture funding round. The company is planning to utilize the funding amount in expanding its reach into deep areas of the cannabis realm, proliferate its product portfolio along with the features, and hire additional staff to achieve its mission.