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Classified in: Science and technology, Business
Subjects: CXP, MAT

Cannabis Fintech Abaca Announces Mississippi Expansion


NORTH LITTLE ROCK, Ark., May 24, 2022 /PRNewswire/ -- Arkansas-based cannabis financial technology firm Abaca has expanded coverage bringing digital-first banking, payment and treasury management solutions to Mississippi's cannabis industry.

Integral in banking 95 percent of Arkansas's cannabis industry since day one and hundreds of cannabis clients across the country, Abaca is uniquely positioned to support Mississippi.

"We've been with Abaca for two years now, since the beginning of the Arkansas cannabis industry," said Brian Renk of Natural Relief Dispensary. "We couldn't imagine a better partner for our Mississippi expansion. Abaca's online dashboard makes it easy to view our cash position, pay and get paid, and manage our finances in one place. We've never had a disruption in service, and they are very proactive about compliance."

Founded in 2017, Abaca enables traditional banking services in Arkansas, California, Colorado, Florida, Illinois, Louisiana, Michigan, Missouri, Montana, North Dakota, Ohio, Oklahoma and South Dakota ? and now Mississippi ? through its bank partners. Additionally, the company's online banking platform offers lending and payment processing. To date, Abaca has compliantly processed more than $2.5 billion in total transactions.

"We're passionate about delivering cutting-edge banking, payments and treasury management to the cannabis industry, enabling our clients to streamline operations and reduce cash," said CEO Dan Roda. "Our Arkansas-based team ensured that our state's industry was banked from day one, avoiding the public safety risks experienced in other regions still operating in cash.  We're excited to do the same for our neighbors in Mississippi."

Only a small portion of banks and credit unions serve the cannabis industry. Financial institutions cite the heavy compliance burden created by the Bank Secrecy Act and other anti-money laundering laws, as well as complications stemming from the conflict between federal and state laws over the legality of cannabis as the reason for not serving the industry.

As a result, the cannabis industry remains significantly underbanked. Many operators experience difficulty processing payments, accessing capital, and opening ordinary bank accounts. Abaca solves these problems by normalizing access to modern financial services for the cannabis industry.

About Abaca
Abaca provides state-legal cannabis businesses with compliant bank accounts, lending, electronic payments, and other financial services through its financial technology-powered cannabis banking platform. The company's fintech banking platform also offers lending and payment processing services to cannabis and hemp/CBD businesses nationwide. Learn more at GoAbaca.com.

 

SOURCE Abaca


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