Tobacco

A Digital Wallet for Pot?

Electronic option opening up for cash-only business

DENVER -- While consumers are slowly making the move to a digital economy, cash is still king in the marijuana business. That’s because banks are hesitant to work with cannabis companies since pot is still illegal under federal law.

That situation may be changing as at least one provider looks to digitize the marijuana business. Amercanex Corp., Denver, developed and operates an electronic marketplace called ACEpay—essentially a digital wallet—that allows wholesale and retail distributors of cannabis to sell, buy or exchange their inventories, according to Bloomberg.

Steve Janjic, CEO of Amercanex, said the system allows cultivators, wholesale distributors and retail vendors to post products, prices and availability. It also provides order comparison and settlement-delivery confirmation services; automated reporting, real-time monitoring and analytical tools for management of market participation; and end-of-month reporting and reconciliation solutions. In addition, the company offers tools and services for various aspects of grading, transporting and storage.

Janjic used to work in foreign-exchange sales at interdealer broker Tullett Prebon, London. Michael Herron, president of the firm, used to work for Merrill Lynch, New York.

The e-trading platform reportedly trades 100 to 150 pounds of marijuana per week, according to Business Insider. Janjic described ACEpay as an electronic cannabis marketplace. It’s age-restricted and allows users to buy cannabis once a day.

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