Marijuana payment firm to put $2.86M raise toward expansion

Marijuana payment service PayQwick, which brands itself as the PayPal of marijuana, has secured a $2.86 million raise.

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According to a news release, the Calabasas, California-based company plans to use the funding to increase sales and product development as it expands into California, Nevada, Michigan and Alaska.

Here’s what you need to know:

• PayQwick allows cultivators, processors and retailers to pay each other as well as to pay for ancillary services such as lawyers, accountants and insurance companies.
• The company also facilitates consumer transactions.
• PayQwick is licensed to operate in Washington state, Oregon and Arizona and has made forays into Colorado.