Spence Labs Launches New Cannabis Payment Platform – PR Web


Spence is a new cashless payment solution for the cannabis industry.

Spence is fast, easy, safe and secure, making a customer’s experience kinder than it’s ever been.

Financial technology startup Spence Labs announced today the launch of Spence, a new cashless payment solution for the cannabis industry. Following its successful launch at multi-state operator PharmaCann’s Verilife dispensary in North Aurora, Illinois, Spence plans to expand nationally to all PharmaCann locations in the coming months. The innovative platform lets dispensary customers pay for cannabis purchases with their mobile phones, eliminating the need to carry cash or visit an ATM inside the dispensary. Consumers can sign up in just minutes for a Spence account at GoSpence.com, then pay digitally in just seconds from their web-based Spence app.

“We’re excited to offer a new level of convenience and significant security advantages to both consumers and dispensaries through this new digital payment platform,” said Chris Rentner, co-founder and CEO of Spence Labs. “Spence is fast, easy, safe and secure, making a customer’s experience kinder than it’s ever been.”

Spence is a turn-key national system for both dispensaries and technology companies in the cannabis industry, offering two solutions: First, mobile payments for retail customers and cannabis delivery; and second, a simple API allows dispensaries or cannabis tech companies to quickly embed digital payments in their own platforms.

The Spence platform is fully integrated into dispensary point-of-sale systems at the register as well as tablets carried by dispensary staff. When ready to purchase, customers simply display a unique Spence QR code to be scanned by staff, then enter a PIN to confirm their purchase. Funds are transferred automatically with state-of-the-art encryption and processed by Chicago headquartered Burling Bank, an FDIC-insured private banking partner.

“Legal cannabis

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