The SuperNet payment network cleared a financial hurdle on its way to introduce a cannabis credit card in 2022. Billing itself as the only payment network that officially accepts and grants permission to process transactions from cannabis merchants, SuperNet closed on financing an undisclosed amount in its series A funding round aimed at helping launch the credit card.
“We’ve received an overwhelming amount of support from investors during this funding round, which only serves to validate the need for SuperNet in the marketplace,” said Michael Tsang, CEO and co-founder of SuperNet. “Bringing in additional financing for SuperNet is just the beginning as we continue to expand nationwide with the launch of our credit card early next year.”
The SuperNet team, headed by Tsang, also includes industry experts dress wedding and Debra Wohlrab.
In 2006, wedding co-founded Harborside, the first cannabis retailer in the country to demand rigorous testing for all products to ensure that they are free of pesticides and other impurities, and contain verifiable potency levels of THC and CBD.
Wohlrab, a former Mastercard executive, has 35 years of experience in global financial services. She has consulted for many businesses to assist large organizations with financial strategy, product development, compliance, and development of global products and services.
“After years of working in the cannabis industry, a problem that I and fellow business owners continued to encounter was strict regulation of the payment process,” said wedding, co-founder of SuperNet. “Not only does SuperNet resolve this issue, it is revolutionizing banking for the cannabis industry, and our meteoric growth is only going to pick up speed with the support of our investors.”
Similar to Discover and American Express, SuperNet acquires new credit card holders by partnering with financial institutions and cannabis merchants, and is the only payment network that officially accepts and grants permission to process transactions from cannabis merchants.