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A. Lyle Elias
Publisher & Editor in Chief ATMIA Founding Director |
Alt Thirty Six: a cashless solution for the cannabis industry; Interview with Don SchroederMay 21, 2018
I recently interviewed Don Schroeder, veteran payments expert and the man behind taking McDonald’s and the rest of the fast food industry to electronic payments. Don has joined Alt Thirty Six, the first digital payment platform designed to help the cannabis industry go cashless, as Chief Architect. I asked Don to describe the problem that Alt Thirty Six is trying to solve and he said, “The cannabis industry is cash-based due to conflicting state and federal laws, which prevent most banks from servicing these businesses and accepting cash deposits. Additionally, cannabis businesses often do not accept card payments due to their merchant category code. We estimate that their relative cost of cash handling is between 15% and 20%.” (Read More)
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