The first medical program introducing the legitimacy of cannabis for treatment was in 1996. Fast-forward to today’s market for cannabis, there is roughly “8000 cannabis industries in the United States”, however, the industry is still operating “in the shadows, little bit of a grey area,” said Ryan Loebs, Director of TCR products for Hyosung America.
Loebs continues stating that “A lot of the big credit card providers, VISA, MasterCard, AMEX, have to play by the rules.” Banking is on the sidelines with this industry as well, limiting customers of these businesses to only using cash as a form of payment. This creates a whole other entity of problems with secure cash management as logistics with physical dollars, USD, having to be counted, secured, moved, and not under a traditional CIT channel.
“Hyosung’s DNA is in banking and retail,” said Mr. Loebs, and with Hyosung’s business model, they have leading capabilities for providing consultant services for these businesses, cash management solutions and providing current and next generation technology to help manage such a massive trail of cash and payments. Loebs believes that not one solution can be suitable for everybody, contacting Hyosung’s consultant group is the first big step in evaluating on site, the first-hand challenges these businesses face and providing solutions from there.
“This is not the way it’s going to be forever, the industry will evolve,” said Mr. Loebs. In terms of their strategic plans, offering provisional credit, credit card payments, POS integration and digital, crypto solutions may be the next steps. As of current, their innovative Back Office Cash Management Automation technology serves the purpose of securely moving cash from the front to the back of the house in a large safe with cash recycler capabilities, and it is digital and physically secure.