Square, a subsidiary of fintech giant Block Inc (NYSE:SQ), is venturing into the Canadian cannabis sector through a collaboration with e-commerce firm Jane Technologies.
The company plans to roll out an early access program in Ontario, allowing licensed cannabis dispensaries to trial its point-of-sale systems. Retailers who opt for Square's payment solutions will also have the option to leverage Jane's online sales platform.
Jane Technologies had previously entered the Canadian market in 2021 by teaming up with cannabis company High Tide.
The move comes as Canada's legal cannabis industry faces stiff competition from cheaper, illicit sources.
The partnership aims to make legal cannabis products as easily accessible as those from the underground market, according to Jane CEO Socrates Rosenfeld.
The collaboration could potentially expand beyond Canada, aligning with recent U.S. health recommendations to relax marijuana restrictions.