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Spence Labs Launches Cashless Payment System for the Cannabis Industry
Platform backed by Chicago-based Burling Bank.
Financial technology startup Spence Labs has launched 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 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.