The American cannabis market is likely to reach $20 billion by 2020. This is according to the industry experts from Brightfield Group. In addition, it could rise 40 times in the next four years besides hitting $591 million in 2018. Net Element Inc. (NASDAQ:NETE) will not just let go the booming legal cannabis industry. The industry’s rampant growth has necessitated the need for a smooth means of transaction between merchants and consumers.
The global technology and value-added solutions group has owned this need and has taken up the launch of a new payment service. The integration of the new service will kill the taboo associated with cannabis and CBD. The taboo dictates that the users of cannabis cannot access many other payment processing services.
Addressing the needs of its merchants is the number one priority for NETE Element
The company supports the need for secure and reliable payment services fast-growing industry. Further, the process should be seamless thus making it simple to transact. Nonetheless, the group will also be tapping into an incredible opportunity, which will in return generate growing revenue.
The President of Integrated Payments at NETE has applauded the move and the need for a secure and an accommodative payment process. Vlad Sadovskiy says that addressing the needs of its merchants is the company’s number one priority. “We are excited to launch a legal cannabis payment acceptance solution to meet the needs of sales partners and merchants for this emerging market” Sadovskiy commented.
Nete Element’s stock skyrockets
The news about the launch of a new payment service was timely. It hit back at the group’s shares, which were trading at $7.12 per share following a gain of $3.12 per share. This caught the investor’s attention sending the stock screaming for the top. It is also likely that the new payment system will grow in demand among head shops within the cannabis industry.
NETE mainly operates from the United States with an aim of implementing innovative SME productivity services. Word has it that it is quickly moving into the banking, regulatory and demographic solutions. In any case, it is a strong supporter of blockchain technology solutions.