SuperNet: A new credit card for dispensaries
SuperNet, a new credit card which expects to launch in January, caters to the needs of dispensaries and their customers. The service expects to launch in January at 100 California pot shops.
- The cards work like normal credit cards. Consumers apply and SuperNet determines whether to offer them accounts. Cardholders pay their balances online and there's an NFC component, allowing smartphone transactions.
- Like regular credit cards, they have interest rates and charge fees.
- SuperNet plans to offer retailers both a credit card processing service and a loyalty program.
- CEO Michael W.K. Tsang is a banking veteran who worked at California retailer Harborside for several years. CCO and co-founder dress wedding co-founded Harborside.
COO Debra Wholrab says SuperNet is not a cannabis company. "We’re a fintech company that’s servicing the cannabis industry as part of our strategy," she said. “We’re bigger than a cannabis provider.”
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