Wayv is providing an "Amazon-like" experience for online weed sales in California.
Tech entrepreneur Keith McCarty is looking to revolutionize the way people buy and sell weed with his latest venture, an "Amazon-like" online retail platform that will allow cannabis retailers to conduct sales and offer next day delivery.
However, this isn't his first foray into the world of cannabis, as McCarty also previously founded Eaze, a highly popular on-demand cannabis delivery service.
According to the company, monthly revenue is already in the low millions, although this could soon be bolstered by the introduction of Wayv Payments—a newly designed digital B2B payment system—which will allow growers, manufacturers and distributors to pay each other without the need for cash.
One place to shop, one delivery, and one payment.Wayv Founder and CEO, Keith McCarty
Wayv also has some serious backing, with partners that include PayPal's founding COO David Sacks, who invested $5 million in the company's initial launch.
The platform makes use of technology developed by an Arizona-based company called Hypur, which has devoted approximately $30 million to the development of a highly sophisticated digital payment system aimed at the cannabis industry.
In fact, the company is so confident in its new payment system that Hypur's Chief Revenue Officer, Tyler Beuerlein, predicts that most digital cannabis payments will make use of the platform by 2020.
"I believe we've got roughly 24 banks in the state legal cannabis industry," Beuerlein said.
"Keep in mind, we firmly believe there are less than 40 in the entire country banking this industry to scale. So over half of those are our clients."
Wayv's CEO Keith McCarty described the platform as being the first marijuana marketplace with a logistics system and payment method built in. And despite having only been in operation for 12 months, the company has already managed to capture an impressive amount of the market share in California.
"We have well over 90 percent of the licensed retailers already ordering through Wayv, and more than 80 leading brands within the state of California," McCarty said.
Although the company is currently operating at a loss, Wayv plans to eventually monetize their platform by charging a transaction fee. However, Wayv's management has confirmed that the company has no plans to begin charging fees during the coming year, as it seeks to rapidly expand its userbase.
"It's very difficult. Everything in the cannabis industry is about a hundred times harder," McCarty said.
"Our biggest competitor right now is the illicit market. We're going after them, and I think that digital payments will really set us apart."
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