With both Washington and Colorado allowing people to sell legal recreational marijuana, pot-related entrepreneurs — from growers to processors to retail shop owners — need a way to manage their funds more than ever.

But that’s proving to be difficult, with a majority of the nation’s big banks and credit card companies wary of the legal ramifications that may result from working with marijuana businesses. This has forced the entrepreneurs to process their transactions with huge amounts of cash.

SingleSeed CEO Greg Lambrecht.

SingleSeed CEO Greg Lambrecht.

That’s where SingleSeed Payments wants to help. The new startup is a subsidiary of Seattle-based mobile advertising company SinglePoint and bills itself as a cashless payment solution provider for the cannabis industry.

SingleSeed lets its clients enable customers to pay with a debit or credit card, or via text messaging. The company is already working with more than 100 legal dispensaries.

SingleSeed today announced that it now advertising on Leafly, a marijuana strain resource that won GeekWire’s App of the Year award in May and just ran afull-page ad in the New York Times. This is the first payment company to advertise on Leafly.

Leafly co-founder Cy Scott said that SinglePoint has become his company’s  “unofficial preferred payment solution.”

 

Taylor Soper is a GeekWire staff reporter who covers a wide variety of tech assignments, including emerging startups in Seattle and Portland, the sharing economy and the intersection of technology and sports. Follow him @taylor_soper and email taylor@geekwire.com.