Hypur
Technology That Empowers Commerce
Cannabis Consumer Payment Preference Survey
Hypur commissioned a 3rd party survey of cannabis consumers about their payment preferences when purchasing cannabis.
Below are the results of the cannabis payments survey of cannabis consumers. Participants of the survey were split roughly 50/50 among medical marijuana and recreational marijuana consumers and more than half purchased cannabis at least weekly.Â
Results of similar cannabis consumer surveys:
Q1: How often are you purchasing any form of state-legalized cannabis products? (for medical or recreational use)
| Daily | 12.50% |
| Weekly | 41.00% |
| Monthly | 31.00% |
| Rarely | 15.50% |
Q2: Do you live in a ‘medical-only’ or ‘recreational use’ cannabis legalized state?
| Medical-only use | 47.00% |
| Recreational use | 43.50% |
| Unsure | 9.50% |
Q3: Based on the dispensaries’ payment acceptance types you make purchases at, how do you normally pay?
| Cash | 70.50% |
| Visa/MC debit or credit card | 26.50% |
| Electronically from my bank account with a mobile app solution like ‘Hypur’ or ‘CanPay’ | 3.00% |
| Other | 0.00% |
Q4: How would you PREFER to pay for your state-legalized cannabis products?
| Cash | 55.00% |
| Visa/MC debit or credit card | 37.00% |
| Electronically from my bank account with a mobile app solution like ‘Hypur’ or ‘CanPay | 8.00% |
| Other | 0.00% |
Q5: If cash is your preferred form of payment for your dispensary purchases, WHY do you prefer paying cash? (can choose multiple answers)
| Only option available at the location(s) I usually buy from | 24.24% |
| I bring cash with me to avoid having to pay a convenience fee on other payments options in-store | 33.00% |
| Don’t want anyone to know about my purchase | 15.82% |
| Don’t want a dispensary name showing up on my bank or credit card statement | 11.78% |
| Prefer use cash on all my retail purchases (not just cannabis) | 12.79% |
| Other | 2.36% |
Q6: How do you usually obtain your cash for your cash purchases?
| I usually bring in cash on me for my purchases to avoid the in-store ATM fee | 73.00% |
| I usually use an in-store ATM and don’t mind paying the ATM fee | 8.50% |
| I usually get money out of an ATM that’s not located inside the dispensary | 13.50% |
| Other | 5.00% |
Q7: If in-store electronic payment options require you to pay a convenience fee on your purchase, how does that make you feel about the convenience fee?
| Don’t think it’s right | 38.00% |
| Very frustrating | 18.50% |
| Somewhat frustrating | 25.00% |
| Doesn’t bother me | 11.50% |
| Happy to pay it | 6.00% |
| Other | 1.00% |
Q8: If I had a choice of buying from a dispensary that only offers payment options with a convenience fee versus no convenience fees:
| I would choose the NO convenience fee dispensary | 69.50% |
| I would choose the convenience fee dispensary | 15.50% |
| It would not impact my decision of what dispensary I choose | 13.50% |
| Other | 1.50% |
Q9: If the only 2 payment options available were cash or a Visa/Mastercard debit or credit card, which would you prefer to use?
| Cash | 65.00% |
| Visa/MC debit or credit card | 35.00% |
Q10: If your dispensary offered an alternative way to pay by transferring funds directly from your bank account to the dispensary via a mobile app-based solution, would you:
| Still pay in cash | 71.00% |
| Sign up to pay electronically from my bank account with the mobile app-based solution | 28.00% |
| Other | 1.00% |
Q11: If it was a requirement to give your full social security # (to help verify your identity) to sign up for an electronic ACH solution like Hypur or CanPay, would you complete the signup process?
| Yes | 19.50% |
| No | 43.00% |
| Unsure, need more information | 37.50% |
| Other | 0.00% |
Q12: If it was a requirement to only give the last 4 digits of your social security # to sign up for an electronic ACH solution without giving your entire SSN, would you complete the signup process?
| Yes | 37.00% |
| No | 27.00% |
| Unsure, need more info | 36.00% |
| Other | 0.00% |
Q13: If a dispensary had these 3 payment options, which would you choose?
| [No convenience fee] Cash that you bring on you into the dispensary | 71.50% |
| [No convenience fee] Electronic mobile app ACH solution like Hypur or CanPay | 23.00% |
| [$3-$5 Convenience fee] In-store ATM | 5.50% |
Q14: If a dispensary had these 3 payment options, which would you choose?
| [No convenience fee] Cash that you bring on you into the dispensary | 86.50% |
| [$3 Convenience fee] Visa/MC debit or credit card | 9.00% |
| [$3-$5 Convenience fee] In-store ATM | 4.50% |
Q15: If a dispensary had these 3 payment options, which would you choose?
| [No convenience fee] Cash that you bring on you into the dispensary | 65.50% |
| [No convenience fee] Visa/MC debit or credit card | 26.50% |
| [$3-$5 Convenience fee] In-store ATM | 8.00% |
Q16: If a dispensary had these 4 payment choices, which would you use?
| [$3 Convenience fee] Visa/MC debit or credit card | 6.00% |
| [$3-$5 Convenience fee] In-store ATM | 7.00% |
| [No convenience fee] Electronic mobile app ACH solution like Hypur or CanPay | 24.50% |
| [No convenience fee] Cash that you bring on you into the dispensary | 62.50% |
Q17: If a dispensary had these 4 payment options, which would you choose?
| [No convenience fee] Cash that you bring on you into the store) | 58.50% |
| [No convenience fee] Visa/MC debit or credit card | 27.50% |
| [No convenience fee] Electronic mobile app ACH solution like Hypur or CanPay | 9.00% |
| [$3-$5 Convenience Fee] In-store ATM | 5.00% |
