United States - October 27, 2022 —
Canna LootUp is a new crypto payment app that will simplify cannabis banking for sellers, growers, dispensaries and everything in between. It aims to solve some of the many problems in the cannabis industry, such as buying, selling, and banking challenges.
With the state legalization of cannabis, both direct and indirect cannabis-related businesses (“CRBs”) are growing at a rapid rate. Despite being legal in 36 states, the sale and use of medical and recreational cannabis have remained federally illegal.
Due to federal laws, financial institutions face challenges when accommodating cannabis business transactions because of the significant legal risks associated. Thus, for cannabis dispensaries concerned about accepting and using credit cards and with little alternative, “cash is king”. Yet, conducting business solely via cash often proves difficult and challenges with payroll and tax authorities often arise.
CannaLootUp will allow cannabis business owners to conduct transactions via crypto solving many of the aforementioned problems. While most payment apps conduct P2P transactions via a 32-digit wallet ID, CannaLootUP will allow individuals to send and receive funds via a username.
Because of the uncertainty and high risk, most banks remain unwilling to serve Cannabis Businesses. Those that do, charge exorbitant fees ranging from $700 to over $2000 per month, forcing many smaller operators out of the financial market. In response to this, CannaLootUp aims to make cannabis industry transactions more accessible by reducing the crypto gas fee to 10 cents.
Furthermore, the app is non-custodial meaning that users remain in control of their funds and CannaLootUp cannot freeze or make use of user funds. It will also feature an in-app messaging chat where users can easily discuss payments.
Finally, CannaLootUP aims to make crypto use more accessible by reducing the crypto gas fee to 10 cents.
This exciting new app is owned by public company Quantum International ($QUAN) traded on OTC markets.
Follow LootUpApp on Twitter & Instagram to stay in the Loot!
Contact Info:
Name: Ben Muir
Email: Send Email
Organization: LootUp App
Address: United States
Website: https://twitter.com/lootupapp?s=21&t=eXQZP5on3FfiBnYWjRRGSg
Release ID: 89083765
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