BFLI and the Future of Cannabis Payments: Navigating Cashless Transactions and Industry Challenges

Christian Fea, co-founder and CEO of Monarch Technologies, discussed the launch of their closed-loop mobile app, BFLI, designed for the cannabis industry. BFLI aims to reduce cash transactions, which currently constitute 50% of cannabis payments, by offering a compliant, digital payment solution. FEA highlighted the challenges of cannabis banking, with only 200-250 banks accepting cannabis accounts. He also mentioned partnerships with cities like Desert Hot Springs for tax collection and compliance, and the potential for future lending services. The app, available on Apple and Google, is designed to streamline payments and tax processes, offering a more secure and efficient alternative to cash transactions.