Marijuana industry services firm PayQwick has received $2.9 million in funding, the company announced.
The Calabasas company did not disclose the source of the funding. It will be used for sales, product development and expansion in California, Nevada, Michigan and Alaska.
PayQwick provides electronic payment services, regulatory compliance and banking services to licensed recreational and medical marijuana businesses.
In addition to consumer transactions, the PayQwick platform allows growers, processors and retailers to pay each other for marijuana purchases and to pay their vendors such as attorneys, landlords, accountants, insurance companies and utilities.