CaliCard to service consumer businesses including licensed cannabis retail operators
CurrencyWorks Inc. a financial technology blockchain pioneer and alternative digital payments provider has signed a deal and partnered with leading cannabis retailers to launch a revolutionary digital community currency card and fintech platform. The new CaliCard offering is equipped with a digital wallet that provides compliant banking, digital payments and merchant services to consumer businesses including licensed cannabis retail operators.
Calicard’s CEO and Co-founder, Christian Schenk, is the former CEO of Driven Deliveries Inc.. He led the organization through 3 transactions, grew revenue from $30,000 in Q1 2019 to a $25+M/ year, became a leader in online cannabis sales and direct to home delivery network with more than 400 employees across the State of California before selling the business to Stem Holdings, a Florida based Multi State Operator (MSO).
“After spending a year and a half in the cannabis industry experiencing first hand the challenges merchants and consumers face when it comes to banking and payment options, it was time to change the game.” Said Christian Schenk, Founder & CEO of CaliCard Inc. “The CurrencyWorks team is a solid, longtime partner of mine and together with our Canadian based fintech partnerships we have established an incredibly disruptive offering that will most certainly have an impact on the industry, especially given our early stage launch partners participation,” Schenk added.
CaliCard has been working with 5 major retailers, both online and brick and mortar dispensaries on the cannabis payment functions of the solution. In addition, the company will be adding non-cannabis merchant networks over time and will be looking to launch with several hundred retailers across California, including restaurants, c-stores and more. This will enable CaliCard account holders to use the new community currency for virtually all types of products and services. Participating local merchants will benefit from an inexpensive alternative to traditional cashless payment acceptance options, as well as CaliCard-sponsored promotions to help boost adoption and sales.
The offering leverages CurrencyWorks’ banking, security and processing relationships. By leveraging proven technology with a few additional services the solution will be able to provide a seamless experience when checking out in store and online, no different than reloading a virtual card in your favorite coffee retailer’s mobile app. Funds can be reloaded at time of purchase to settle a transaction or funds can be kept in your CaliCard account, no different than a traditional checking account and will be accessible 24/7/365.
Account holders will be assigned a physical card that can be used in-store, access ATMs as well as to facilitate online purchases. Consumers can also leverage the digital payment interface using the mobile app, which will present the merchant with a unique QR code or will leverage the merchant’s point of sale terminal NFC interface, no different than using Apple Payments.