Tempe startup scores $10M in funding for marijuana payment system

PHOENIX – A Tempe-based digital payment startup that serves the marijuana industry recently scored a big pile of green stuff.

Alt Thirty Six announced last month it had acquired $10 million in venture capital funding from an unnamed private equity firm.

“This new Series A funding round provides us access to the resources we need to help facilitate our vision for one of the fastest growing industries in the country,” CEO and co-founder Ken Ramirez said in a press release.

The company’s platform uses blockchain technology and the Dash cryptocurrency to let cannabis businesses make and receive payments without using cash.

We are excited to announce that we have closed on our Series A funding round! This is a huge step for Alt Thirty Six and for the #cannabis industry!https://t.co/9J3vA3jEvU#CannabisBusiness #CannabisNews #CannabisIndustry #CannabisPayments #Dash #Dashpay

— Alt Thirty Six (@altthirtysix) April 23, 2019

“We are committed to revolutionizing the cannabis space by increasing access to compliant digital payments, making transactions easier and faster,” Ramirez said.

According to an Alt Thirty Six blog post, marijuana-related businesses generally have been forced to rely on cash payments.

Although marijuana products are legal for recreational or medicinal purposes in a growing number of states, federal regulations deter traditional banks from providing many services for cannabis-related businesses.

Alt Thirty Six allows users – businesses and customers – to link their bank accounts to the platform and make secure transactions that don’t run afoul of regulations.

According to the Phoenix Business Journal, Alt Thirty Six has created compliance platforms in Arizona, where medicinal marijuana is legal, California, Oregon and Washington, with more to come.

Related

New poll shows over half of Arizonans support legalizing marijuanaSurvey: Young Arizonans using more marijuana, fewer hard drugsLive updates for Arizona’s 2026 midterm primaries: County website glitchMain roadway between Maricopa and metro Phoenix closed after fatal incidentArizona voters to choose Republican and Democratic nominees for top education positionRetired Gilbert fire captain honored after dying from job-related cancer