Lüt, a closed-loop digital payments platform for cannabis and other high-risk industries, announced a partnership with Frankenmuth Credit Union to support compliant, cashless payments for licensed cannabis businesses in Michigan.
Through the collaboration, Frankenmuth Credit Union will offer Lüt Reserve, Lüt’s closed-loop payment platform, as part of its Envy cannabis banking program.
The partnership brings together Frankenmuth Credit Union’s compliance-forward cannabis banking program, which was developed in partnership with Green Check Verified, and Lüt’s closed-loop payment technology to address one of the industry’s most persistent challenges: reliable, regulator-aligned alternatives to cash.
“As cannabis businesses scale and regulatory scrutiny increases, the need for dependable, purpose-built payment infrastructure has never been greater,” said Lüt CEO Mike Andrud in a statement. “Partnering with Frankenmuth Credit Union allows us to deliver a solution that financial institutions can stand behind and that business owners and consumers can rely on every day.”
Through Lüt Reserve, cannabis operators can accept in-store payments using a closed-loop, good-funds model that operates outside of traditional card networks. The platform reduces reliance on cash, limits exposure to payment disruptions and enables faster settlement. Lüt also supports loyalty and cashback programs and budtender referral initiatives designed to drive adoption at the point of sale and streamline pain points in the cannabis industry.
Read more at Cannabis Equipment News
