Lüt Wants to Take Cash Out of the Whole Cannabis Equation

About four years ago, Lüt set out to build the most modern payment processing platform in the cannabis industry. Inspired by Fiserv and Global Payments, Lüt developed a closed-loop payment platform for high-risk industries, like cannabis.Working with "cannabis-friendly" First Federal Bank based in Florida, Lüt invested $16 million to build out rails for its new payment solution. At MJBizCon 2025 in Las Vegas, Lüt CEO Michael Andrud said his solution will work in the cannabis industry without any disruptions.Because it is a closed-loop payment platform, Lüt doesn't work with open-loop platforms like Visa and Mastercard. However, unlike Visa and Mastercard, merchants in Lüt's loop get paid the next day.

Full interview here: https://www.cannabisequipmentnews.com/distribution/video/22960326/lt-wants-to-take-cash-out-of-the-whole-cannabis-equation