Digital payment and compliance platform, Alt Thirty Six, that uses blockchain technology and Dash designed to help the cannabis industry go cashless, has received $10 million in Series A funding to help accelerate company growth and enhance development capabilities.
“We are committed to revolutionizing the cannabis space by increasing access to compliant digital payments, making transactions easier and faster for all cannabis businesses,” said Ken Ramirez, co-founder and CEO of Alt Thirty Six. “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.”
The round was led by an unnamed private equity firm to support Alt Thirty Six’s digital payment solution. The startup’s innovative platform eliminates the need for cash in the cannabis industry by using blockchain technology and Dash, a decentralized digital asset, to facilitate the transfer of funds at dispensaries and cannabis businesses.
“We fully support Alt Thirty Six’s innovative payment technology and dedication to providing the cannabis industry with an alternative to cash,” says the private equity firm in a statement. “We are thrilled to lead this funding round. Alt Thirty Six brings a new, payments-focused element to our portfolio, adding tremendous value to the cannabis businesses.”
Alt Thirty Six will use the funding to further drive company expansion, advance the platform’s technical functions and abilities, expand proper licensing in target states across the U.S. while maintaining focus on compliance and regulation. Ultimately, the capital will be used to help Alt Thirty Six achieve mass consumer adoption throughout the cannabis industry.
Alt Thirty Six’s recent company announcements include a partnership with CannTrade, a leading provider of cannabis software technology, and the hiring of Chief Architect Jason Breidis, a payments expert whose work led to the acceptance of electronic payments at McDonald’s restaurants and is used to process billions of dollars in transactions.