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Thursday, Aug 11, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

PayNW extends services into cannabis industry

Seattle-based firm now offering solutions to pot-related establishments throughout the United States

PayNW extends services into cannabis industry
Photo via PayNW

A team of human capital management (HCM) experts in Washington operating since 2007 have now decided to begin serving the ever-expanding legal cannabis sector.

On Wednesday, PayNW announced its entry into the cannabis industry.

The company claims that its catalogue of services will provide simple and effective solutions for managing a workforce, having successfully served over 1,000 U.S. businesses in other industries.

Read more: Trulieve opens its first branded pot shop in Arizona

Read more: Southern Glazer’s becomes exclusive distribution partner for Tilray

PayNW describes itself as a company that can bring clarity and peace of mind to mid-size and growing businesses that view the careful use of technology as a means to become a better, more efficient employer.

The organization originally started out as a payroll company and now serves clients across multiple industries with an assortment of services.

Services now offered to cannabis-related businesses (CRBs) –

  • Paperless hiring and onboarding of employees
  • Automated time tracking for workforce management
  • Banking relationships supporting direct deposit
  • Federal, state and local tax filing and remittance
  • One-on-one customer service to address unique company needs

PayNW says it is a company that understands the strict guidelines associated with financial operations in the cannabis business. With this knowledge, the organization states that it will help process payroll in compliance with Bank Secrecy Act and Anti-Money Laundering regulations. Additionally, the firm will adhere to policies from the Financial Crimes Enforcement Network, the Department of Treasury and other significant regulatory bodies.

PayNW says that it can connect CRBs with banking institutions that are well-versed with business account management specific to the industry.

“Whether you’re a retailer, grower, or any other legitimate business in the cannabis industry, you can now process payroll confidently using PayNW’s fully compliant software and services. We understand the complexities of this industry and are proud to present solutions suited for whatever your unique situation is,” said Lori Brown, CEO at PayNW.

The Seattle firm claims to be the largest HCM company in the pacific northwest and has an impressive 96 per cent year-over-year client retention rate. The organization was also on the Inc. 5000 list of fastest-growing private U.S. companies for four consecutive years between 2016-2019.

 

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