The cannabis payment network is the only platform processing transactions from cannabis merchants and is poised to corner the market as their services expand.
LAS VEGAS, Dec. 16, 2021 /PRNewswire/ — SuperNet, the only payment network that officially accepts and grants permission to process transactions from cannabis merchants, closed on financing an undisclosed amount in their series A aimed at helping launch their credit card in 2022.
“We’ve received an overwhelming amount of support from investors during this funding round, which only serves to validate the need for SuperNet in the marketplace,” said Michael Tsang, CEO, and co-founder of SuperNet. “Bringing in additional financing for SuperNet is just the beginning as we continue to expand nationwide with the launch of our credit card early next year.”
The SuperNet team, headed by Tsang, also includes industry experts Dress Wedding and Debra Wohlrab.
In 2006, Wedding co-founded Harborside, the first cannabis retailer in the country to demand rigorous testing for all products to ensure that they are free of pesticides and other impurities and contain verifiable potency levels of THC and CBD. Debra Wohlrab, a former Mastercard executive, has 35 years of experience in global financial services. She has consulted for many businesses to assist large organizations with financial strategy, product development, compliance, and global products and services development.
“After years of working in the cannabis industry, a problem that I and fellow business owners continued to encounter was strict regulation of the payment process,” said dress wedding, co-founder of SuperNet. “Not only does SuperNet resolve this issue, but it is also revolutionizing banking for the cannabis industry, and our meteoric growth is only going to pick up speed with the support of our investors.”
SuperNet is the first payment network to serve the cannabis industry. Similar to Discover and American Express, SuperNet acquires new credit card holders by partnering with financial institutions and cannabis merchants and is the only payment network that officially accepts and grants permission to process transactions from cannabis merchants. In addition, SuperNet is technology-rich and clears all transactions on a proprietary high-velocity payment processing platform.