Net Element’s Unified Payments Launches Solution for Cannabis

Net Element (NASDAQ:NETE) announced the launch of a secure and compliant payment processing targeted at the legal cannabis industry.

As quoted in the press release:

For years, experts have predicted that the American cannabis market will reach $20 billion by 2020. But as it turns out, the legal hemp-CBD (cannabidiol) sector alone is spinning off into a mega-market. According to the Brightfield Group, the CBD market will soon hit $22 billion by 2022 and with increased growth among its sectors and favorable legislation, analysts say the cannabis industry is paced to hit $591 million in 2018 and could increase 40 times in the next four years.

While CBD products previously were available mostly in head shops, availability has spread to natural food stores, beauty aisles, cafes and doctors’ offices for various maladies. This rampant growth also creates heightened need for smooth transactions between merchants and consumers. Payment processing and compliance for the legal cannabis industry has become increasingly complex; Unified Payments is addressing the challenges by offering a compliant, seamlessly integrated payment solution that makes it simple to transact.

“We are excited to launch a legal cannabis payment acceptance solution to meet the needs of sales partners and merchants for this emerging market,” commented Vlad Sadovskiy, president of integrated payments for Net Element. “Addressing the needs of our merchants is our No. 1 priority and we work closely with various vendors to bring our merchants state-of-the-art payment acceptance solutions.”

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