Thanksgiving week is a major retail event across the US—with daily spotlights like Black Friday, Small Business Saturday, and Cyber Monday. Customers spend the week shopping, enticed by flashy holiday deals and discounted gift shopping. But there’s a new event that’s become popular in recent years since it blossomed in 2016 from dispensary sales [...]
Abaca Accounts now available to legal California cannabis operators SALINAS, Calif., Aug. 25, 2022 – Abaca, an industry-recognized financial platform for cannabis operators, and Pacific Valley Bank (OTC Pink: PVBK), are partnering to expand access to cannabis banking in the California market. For the first time since the state legalized medical marijuana 26 years [...]
Our beloved plant’s medicinal qualities are the origin of its state-by-state legalization. Historically, the origins of medical cannabis can be traced back to 2900 BC, with Chinese Emperor Fu Hsi referring to it as the “yin and yang” of multi-purpose medicine. Today, medicinal cannabis sales have swept the United States--with 39 states allowing medical [...]
Cannabis is still illegal on a federal level, and as of this writing, just 19 states have embraced full legalization, while 19 others have enacted medical marijuana programs. As a result, the vast majority of U.S. banks view cannabis as high risk and will only consider assuming the risk of working with cannabis-related businesses [...]
Cannabis businesses have it tough, despite record-breaking sales during the pandemic. They often try modernizing typical retail tactics to adhere to a nuanced and heavily regulated industry. There aren’t many chances to save money, and customers demand competitive pricing with the market expanding rapidly. So, we dived into the Employee Retention Tax Credit, an [...]
KYC is a financial term for “Know Your Customer,” a set of standards that bankers use to verify their clients’ identities and securely open their accounts. Since we provide banking solutions for the cannabis industry and next Thursday is Get to Know Your Customers Day, we want to discuss another kind of KYC–getting to [...]
About Abaca: Abaca is a financial technology company at the forefront of unlocking financial services for the legal cannabis industry. Our mission is simple but challenging: enable deposits, electronic payments and access to capital for cannabis business, all while ensuring our partner financial institutions remain compliant in an ever-changing regulatory landscape. We are passionate [...]
About the job Abaca is a financial technology company at the forefront of unlocking financial services for the legal cannabis industry. Our mission is simple but challenging: enable deposits, electronic payments and access to capital for cannabis business, all while ensuring our partner financial institutions remain compliant in an ever-changing regulatory landscape. We are [...]
To paraphrase a well known TV commercial, “It’s your money, and you need it now!” It only makes sense that you want to get a cannabis bank account quickly. But, due to the myriad regulatory hoops to jump through to remain compliant and mitigate risk, the process of getting approved and onboarded for an [...]
It’s no secret that the cannabis industry is dominated by cash. (For reference, 19% of non-cannabis transactions are cash versus up to 90% of cannabis transactions.) Until banking reform or full legalization happens on a federal level, many financial institutions will continue refusing to work with state-legal operators. The major credit card processors notoriously [...]
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