Cannabis banking reform was recently included in the House’s $3 trillion coronavirus aid bill, but access to Small Business Administration programs for the industry didn’t make the cut.
Without federal support or access to established financial and technology partners, many dispensaries lack the resources they need to meet today’s growing demand for contactless payments, deliveries and curbside pickups amid the COVID-19 pandemic.
Banking and payment technology company Hypur is partnering with business software provider Odoo to streamline the cannabis purchasing process. Together they will provide modern, digital payments, and bolster point-of-sale operations.
Odoo serves more than 5 million users worldwide, powering a variety of industries. This partnership is expected to help grow its presence in the cannabis industry.
Chatting with Benzinga, Daoud Naouri — Odoo strategic business development manager — noted the cannabis industry is one of the fastest growing in the world. Thus, Odoo sees an opportunity to provide its “easy-to-use, low-cost software to help businesses of all sizes meet the growing demands of the market and their customers.”
By partnering with Hypur, Odoo will be able to better serve its growing customer base, offering a solution that helps “keep workers and customers safe during these difficult times.”
Together, the company will seek to ensure businesses remain compliant, competitive and have access to convenient and modern tools that will continue to help them grow.
“Cannabis businesses, and the industry at large, deserve access to sustainable technology and solutions that are afforded to every other legal industry worldwide – especially small businesses who often lack the resources and infrastructure of big companies,” Michael Sinnwell, Hypur co-founder and president, told Benzinga.
The partnership with Odoo will help “level the playing field for high-risk businesses of all sizes by providing modern digital payments and streamlining ERP, POS, and ecommerce operations – areas that need more enterprise-level solutions to meet growing market and customer demands,” he said.