You’ll Soon Be Able to Buy Marijuana with Your Phone
Legal marijuana is still an immature market but a pair of companies are already partnering up to focus on a mobile payment solution targeted at the cannabis crowd.
SinglePoint announced an agreement with Motivity Labs to “enhance existing and design new mobile payment software applications” for the legal marijuana industry.
Motivity Labs will focus at first on building out the application SinglePoint has designed for use in the legalized marijuana industry and eventually start developing apps across other mobile payment verticals, according to a press release.
Medical marijuana became legal in California in 1996 and since has extended to 20 states and the District of Columbia. Both Colorado and Washington have legalized the drug for recreational use and marijuana legalization is catching majority support in public opinion polls.
Research firm Gartner predicted global mobile transaction volume will see an average of 35 percent annual growth between 2012 and 2017 and reach a market worth $721 billion with more than 450 million users by 2017.