Square,
a subsidiary of fintech company Block Inc., has announced its venture into the
Canadian cannabis market through a strategic partnership with e-commerce
platform Jane Technologies.
Founded
by Jack Dorsey, co-founder of Twitter (now known as X), Square plans to launch
an early access program in the province of Ontario. This program will allow
licensed dispensaries to test Square’s retail point-of-sale (POS) offerings.
As
part of this collaboration, businesses signing up for Square’s payment systems
in physical stores will gain access to Jane’s platform, enabling them to sell
their products online seamlessly.
Jane
Technologies had previously entered the Canadian market in 2021 by partnering
with High Tide, a cannabis
firm. With this latest partnership, Square aims to make its mark in the Ontario
province first before expanding further.
Roshan
Jhunja, Head of Retail at Square, emphasized the importance of starting with a
stable foundation to ensure a successful entry into the market.
Expanding
Horizons: Jane Technologies’ Vision Beyond Canadian Borders
Despite
the initial growth surge following the legalization of cannabis in Canada in
2018, the industry faces fierce competition from illegally sourced, cheaper
marijuana.
The
collaborative goal of Square
and Jane Technologies is to provide a platform that makes legal cannabis
products nearly as accessible as those on the illicit market, as stated by
Jane’s CEO, Socrates Rosenfeld.
Last
month, U.S. health officials recommended easing restrictions on marijuana,
signaling a potential move toward broader legalization in one of the world’s
largest cannabis markets. Rosenfeld expressed readiness to expand the
partnership beyond Canadian borders when regulations permit.
The
Square-Jane Technologies partnership represents a strategic move into a market
with immense potential for growth.
By
combining Square’s payment solutions with Jane’s e-commerce platform,
licensed dispensaries and retailers aim to compete effectively in the
ever-evolving cannabis industry, ultimately providing consumers with a more
convenient and accessible way to purchase legal cannabis products.
Square,
a subsidiary of fintech company Block Inc., has announced its venture into the
Canadian cannabis market through a strategic partnership with e-commerce
platform Jane Technologies.
Founded
by Jack Dorsey, co-founder of Twitter (now known as X), Square plans to launch
an early access program in the province of Ontario. This program will allow
licensed dispensaries to test Square’s retail point-of-sale (POS) offerings.
As
part of this collaboration, businesses signing up for Square’s payment systems
in physical stores will gain access to Jane’s platform, enabling them to sell
their products online seamlessly.
Jane
Technologies had previously entered the Canadian market in 2021 by partnering
with High Tide, a cannabis
firm. With this latest partnership, Square aims to make its mark in the Ontario
province first before expanding further.
Roshan
Jhunja, Head of Retail at Square, emphasized the importance of starting with a
stable foundation to ensure a successful entry into the market.
Expanding
Horizons: Jane Technologies’ Vision Beyond Canadian Borders
Despite
the initial growth surge following the legalization of cannabis in Canada in
2018, the industry faces fierce competition from illegally sourced, cheaper
marijuana.
The
collaborative goal of Square
and Jane Technologies is to provide a platform that makes legal cannabis
products nearly as accessible as those on the illicit market, as stated by
Jane’s CEO, Socrates Rosenfeld.
Last
month, U.S. health officials recommended easing restrictions on marijuana,
signaling a potential move toward broader legalization in one of the world’s
largest cannabis markets. Rosenfeld expressed readiness to expand the
partnership beyond Canadian borders when regulations permit.
The
Square-Jane Technologies partnership represents a strategic move into a market
with immense potential for growth.
By
combining Square’s payment solutions with Jane’s e-commerce platform,
licensed dispensaries and retailers aim to compete effectively in the
ever-evolving cannabis industry, ultimately providing consumers with a more
convenient and accessible way to purchase legal cannabis products.
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- Source: https://www.financemagnates.com//fintech/square-partners-with-jane-technologies-to-enter-canadian-cannabis-market/
