The partnership is between Helix BioTrack and Alt Thirty Six - the leading US cannabis payment technology
Shares in Helix TCS Inc () nudged up on Wednesday as the firm unveiled a strategic tie-up between its subsidiary and Alt Thirty Six, which will allow thousands of cannabis dispensaries across the country to accept digital payments.
The partnership is between Helix BioTrack and Alt Thirty Six - the leading US cannabis payment technology.
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Helix BioTrack provides cannabis seed-to-sale tracking software, allowing operators a seamless platform to manage their business and maintain compliance.
It has the largest dispensary market share across the US and dominates multiple market segments, such as medical-only states and recreational/medical states with over 2,000 active dispensaries and retailers in the USA and over $20 billion in processed sales.
"The primary mission of Helix Technologies is to be the leading provider of critical infrastructure services in the cannabis industry. By partnering with Alt Thirty Six, we are able to provide our dispensary partners with yet another tool to help them run an efficient and compliant business," said Moe Afaneh, the chief operating officer (COO) at Helix BioTrack.
Ken Ramirez, the CEO at Alt Thirty Six, added: "As many economists have estimated, only a small fraction of the world's currency exists today in physical cash, the rest is digital. Offering a digital payment option to verified adult consumers can truly enable our retailers to scale their operation in a strategic, data-driven way."
Digital payments
The partnership enables thousands of dispensaries across the country to accept digital payments and consequently eliminate the high cost, risk, and inefficiencies associated with using all-cash and credit cards for cannabis sales, said Helix Technologies.
"Dispensary partners are now able to better manage their inventory, in-store, online and delivery sales, offer custom promotions, track sales performance, maintain backend records and stay compliant."
Helix TCS shares in New York added 3.7% to $0.56 each.
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