Waitr Expanding into Cannabis Market
Waitr Holdings Inc. (WTRH) has announced a partnership with Flow Payments to develop a compliant marketplace and payment solution for cannabis dispensaries. This collaboration will integrate Waitr’s delivery technology with Flow Payments’ payment processing expertise, creating a platform for the legal sale and delivery of cannabis. CEO Carl Grimstad highlighted this as a strategic pivot into new verticals, aligning with evolving regulations in the cannabis sector and aiming to enhance shareholder value.
- Partnership with Flow Payments to innovate in the cannabis delivery market.
- Creation of a compliant payment and delivery platform for cannabis dispensaries.
- Strategic alignment with evolving cannabis regulations, potentially increasing market opportunities.
- None.
Waitr Holdings Inc. (Nasdaq: WTRH) (“Waitr” or the “Company”), a leader in on-demand food ordering and delivery, today announced the Company has agreed to pursue a partnership with Flow Payments to create a compliant marketplace, delivery and payment solution for dispensaries selling cannabis.
The partnership is expected to consist of Waitr’s proprietary delivery technology and assets, in conjunction with Flow Payments’ unique access to specific partnerships and corresponding payment processing solutions. The effect of this combination will be the creation of a specialized platform to facilitate the sale and delivery of cannabis, while abiding by all federal and state directives.
“This opportunity with Flow Payments is just another way we are pivoting the company into new verticals with specialized integrated payment and delivery solutions,” said Carl Grimstad, CEO and Chairman of the Board of Waitr. “As the regulatory framework around the cannabis industry within the United States continues to evolve, we see this as a natural step in our own evolution and ability to continue bringing value to our shareholders.”
Brett Husak, Managing Partner of Flow Payments, said, “We are very excited to partner with Waitr and look forward to helping them navigate the complexities of payment processing. Building a statutorily compliant delivery and payment solution in the cannabis space is the primary goal of a joint venture and we strongly believe it will create immense value for any dispensary looking to increase their revenue, while operating within the applicable guidelines.”
About Waitr Holdings Inc.
Founded in 2013 and based in Lafayette, Louisiana, Waitr is a leader in on-demand food ordering and delivery. Waitr, and its sister brand Bite Squad, connects local restaurants and grocery stores to hungry diners in underserved U.S. markets. Together they are a convenient way to discover, order and receive great food from local restaurants, grocery stores and national chains. As of September 30, 2020, Waitr and Bite Squad operated in small and medium sized markets in the United States in over 700 cities.
About Flow Payments LLC
Created in 2017, the owners of Flow Payments have over fifty years’ experience in payment processing. Based in Massachusetts and California, Flow Payments has various partnerships with a wide array of banks and processors, which enable them to properly guide their valued clients. Additionally, Flow Payments uses its expertise to continuously advise merchants on how to acquire processing solutions that comply with the numerous regulations surrounding each, unique vertical.
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