Alt Thirty Six, a Tempe, Ariz.-based digital payment and compliance platform for the cannabis industry to go cashless, raised $10m in Series A funding.
The round was led by an undisclosed private equity firm.
The company intends to use the funds to:
– advance the platform’s technical functions and abilities,
– expand proper licensing in target states across the U.S., while maintaining focus on compliance and regulation, and
– achieve mass consumer adoption throughout the cannabis industry.
Led by Ken Ramirez, co-founder and CEO, Alt Thirty Six provides a digital payments and compliance platform that connects cannabis merchants, with their vendors, suppliers, and consumers by facilitating transactions in real-time using blockchain technology and Dash, a decentralized digital asset.
The company’s recent company announcements include:
– a partnership with CannTrade, a provider of cannabis software technology, and
– the hiring of Chief Architect Jason Breidis, a payments expert whose work led to the acceptance of electronic payments at McDonald’s restaurants and is used to process billions of dollars in transactions.