PayQwick Inc., a Calabasas, CA-based seed-to-sale electronic payment hub for the legal marijuana industry, raised $2.86m in funding.
Backers were not disclosed.
The company will use the funding to accelerate sales and product development as it expands into California, Nevada, Michigan and Alaska over the next six months.
Led by Keith Marks, CEO, and Ken Berke, PayQwick provides a platform that allows legal marijuana businesses to pay each other electronically.
The company uses Bank Secrecy Act and Anti Money Laundering compliance programs to enable clients to attain regular business bank accounts without hiding their involvement in the cannabis industry.
PayQwick has begun beta operations in Colorado with select manufacturers and retail stores.
The app for cannabis businesses can be downloaded in the Apple App and Google Play stores.