Cannabis banking fintech company Abaca said the firm has exceeded $2 billion in cannabis commerce compliant processing.
The effort is fueled by aligning its bank-backed financial technology offering with cannabis business operator needs, providing normalized financial services for an underbanked industry.
“In the past two years, we’ve been hyper-focused on helping our customers do business faster with greater accuracy, controls, and stability, allowing them to achieve efficiency and scale their financial operations,” Abaca CEO Dan Roda said. “To see that we’ve now facilitated $2 billion in commerce for our customers is very rewarding. We plan to continue leveraging our cannabis compliance and technology expertise to find new ways to empower the industry as it continues to grow and evolve.”
North Little Rock, Ark.-based Abaca serves dispensaries, cultivators, processors, and varied cannabis businesses with compliant commercial banking, payments, and treasury management.
“With multiple locations across several jurisdictions, each with their own ecosystem of banks and service providers, management of our corporate treasury was piecemeal,” Lisa Bredenkamp, chief accounting officer of Revolution Global, a cannabis multi-state operator with operations across five states, said. “Abaca’s future-thinking team has worked with us hand-in-hand to develop solutions to help us as we grow, saving us time and reducing headaches along the way.”