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Jack Dorsey Returns as ‘Square Head’, Announces Cannabis Partnership
Payments | Sep 27, 2023
Image: Unsplash/Blake Wisz
Jack Dorsey returns to lead Square as it strategically dives into the Canadian cannabis market through a partnership with Jane Technologies, signaling a bold new direction for the fintech giant.
In recent developments, Jack Dorsey, the co-founder of Twitter (now known as X) and the mind behind fintech giant Block Inc, is making headlines once again. This time, it's not just about his leadership changes at Square but also about Square's strategic move into the Canadian cannabis market.
Jack Dorsey Returns to Square
Jack Dorsey, who co-founded fintech company Block in 2009, is set to lead Square once more. As CEO Alyssa Henry prepares to step down on October 2nd after a commendable nine-year tenure, Dorsey will take over her role.
Interestingly, Dorsey will be titled as "Square Head", aligning with his current title of "Block Head" at Block Inc.
During her time as CEO, Alyssa Henry played a pivotal role in transforming Square into a software-led technology company. Under her leadership, the company navigated the challenges of global pandemic lockdowns and expanded its services for small businesses globally.
See: Jack Dorsey Announces Launching Bluesky, Decentralized Social Platform, Closed Beta Soon
Square, which was initially known for its payment services, has evolved to assist businesses with online and point-of-sale payments, wage, scheduling, inventory management, and other financial solutions.
In 2021, Square rebranded itself as Block, reflecting the company's broader vision beyond just payment solutions.
Square's Foray into the Canadian Cannabis Market
Square, a unit of Block Inc, announced its entry into the Canadian cannabis market through a strategic partnership with e-commerce platform Jane Technologies.
This move will see the launch of an early access program in Ontario, allowing licensed dispensaries to test Square's retail point-of-sale offerings. Businesses that opt for Square's payment systems in their physical stores will also have the advantage of leveraging Jane's platform for online sales.
It's worth noting that Jane Technologies had previously entered the Canadian market in 2021 by partnering with the pot firm High Tide.
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Roshan Jhunja, the head of retail at Square, emphasized the company's approach of focusing on one province initially to ensure stability before expanding further. The Canadian cannabis industry, despite witnessing robust growth post its legalization in 2018, faces stiff competition from cheaper, illegally sourced marijuana.
The collaboration between Square and Jane Technologies aims to offer sellers a platform that rivals the accessibility of the illicit market. Jane's CEO, Socrates Rosenfeld, envisions this partnership expanding beyond Canadian borders when regulations permit.
Recently, U.S. health authorities suggested relaxing marijuana constraints, marking the initial move toward broader legalization in one of the world's largest cannabis arenas.
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