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 [...]
Today is the day! Your promotions were a hit and your cannabis business kicked it into high gear to meet the demand. Now you can start to relax and enjoy everything you bought to properly celebrate 420. To truly ensure a great time, you need a solid playlist. We’ve got you covered! Here at [...]
If you’re not a fan of a Dormant Commerce Clause-ruled post-legalization world, take heart. The Supreme Court has recognized the ability of Congress to suspend the DCC, allowing states to continue operating their insular marketplaces by restricting interstate trade. In order to suspend the DCC, Congress must use unmistakably clear language that leaves no [...]
The most popular cannabis reform proposals claim their intent is to preserve each state’s autonomy when it comes to cannabis. However, unless Congress includes language to suspend the Dormant Commerce Clause, the supposed self-determination will be overruled by a highly important but infrequently discussed legal threat with potentially massive consequences for the current operators [...]
The cannabis industry is maturing, and many cannabis businesses are starting to expect more from their banks, credit unions, and other financial services providers. “420 Friendly Banks” that merely accept cannabis deposits are no longer enough to serve the industry’s sophisticated and growing needs for financial tools and partners. The [...]
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