Abaca Crosses $2 Billion in Compliant Cannabis Business
“Over the past two years, we have focused on helping our customers do business faster with more precision, control and stability, enabling them to achieve efficiency and scale their operations. financial,” said Abaca’s CEO. Dan Roda. “To see that we have now facilitated $2 billion in business for our customers is very rewarding. We plan to continue to leverage our expertise in compliance and cannabis technology to find new ways to empower the industry as it continues to grow and evolve. »
Based at North Little Rock, Arkansas, a growing hub for fintech startups, Abaca service dispensaries, cultivators, processors and ancillary cannabis businesses with compliant commercial banking, payments and cash management. Abaca’s customers include both small businesses as well as publicly traded multi-state operators and enterprise customers. Abaca’s offering also includes robust cash management tools that help operators scale their financial operations.
“With multiple locations in multiple jurisdictions, each with its own ecosystem of banks and service providers, our corporate cash management was piecemeal,” said Lisa Bredenkamp, chief accounting officer of Revolution Global, a multi-state cannabis operator with operations in five states. “Abaca’s forward-looking team has worked hand-in-hand with us to develop solutions that will help us grow, saving us time and reducing headaches along the way.”
“Our technology has really changed the expectations of cannabis banking. We now do much more than just commercial deposits,” said Brian Bauer, President and Chief Strategy Officer of Abaca. “And because we’re a technology company first and foremost, we’re able to deploy our financial services digitally while meeting stringent cannabis banking compliance requirements.”
To serve its growing customer base nationwide, Abaca maintains offices in North Little Rock, Arkansasand Chicago, Ill..
Abaca provides state-legal cannabis businesses with compliant bank accounts, loans, electronic payments, and other financial services through its fintech-based cannabis banking platform. Abaca and its partner financial institutions are currently accepting traditional bank account applications in Arkansas, Colorado, Florida, Illinois, Louisiana, Michigan, Missouri, Montana, North Dakota, Ohio and Oklahoma; 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.