Columbia Care, a multistate operator in the medical cannabis industry, has launched a national credit programme across the US.
The Columbia National Credit programme (CNC Card) enables the company capable of accepting a credit card for cannabis purchases.
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The launch follows a pilot in New York in the second half of last year.
In the pilot phase, Columbia Care noted an 18% jump in average basket size for in-store purchases using the CNC Card compared with other forms of payment. It also saw an increase in repeat visits and increased utilisation for home delivery and automatic fulfilment.
Columbia Care CEO Nicholas Vita said: “By launching the first credit card in the country that can be used by consumers and industry participants to purchase cannabis products, we now exclusively offer an important capability that will serve Columbia Care’s national growth initiatives, including home delivery, automatic fulfillment and e-commerce.
“If given the choice to pay with credit or cash, consumers prefer credit, and until now, the cannabis industry has been predominantly cash-based due to restrictions on the use of credit cards for cannabis purchases.
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By GlobalData“Through our exclusive network of partners and painstaking attention to detail, we successfully navigated the complexities of the financial industry unique to cannabis and are proud to once again lead the way as the first company to solve this fundamental issue.”
Currently, the programme is available in Delaware and Pennsylvania markets, apart from New York.
Later this month, the CNC Card services will be expanded to Illinois and Arizona, with availability in all Columbia Care markets expected by the end of this year.
