CannFi - January 2022 - Abaca Cannabis Banking

New year, new you, new CannFi report! 2022 is shaping up to be another year of incremental progress when it comes to cannabis normalization and reform.

So, what’s good in the world of cannabis banking this month?

WSJ Covers the Challenges of Cannabis Banking

Having the right people, processes, and technology are key to enabling seamless and compliant cannabis banking. Yet, US Treasury Department regulations require that banks monitor business activity and validate deposits, which many banks have accomplished by asking you to provide invoices and paperwork. With the aid of technology, cannabis businesses can enjoy the same cutting-edge financial services as any other industry.

Avoiding a $20,000 Loss

What’s a hacker’s favorite time of year? Phishing season. If you want to avoid getting caught and losing tens of thousands of dollars, check out Part 1 and Part 2 of our cybersecurity primer for the cannabis industry

New Wave in Cannabis Talent?

Multi-State Operators and other enterprise cannabis businesses are growing in complexity and the need for consolidated services is growing in tandem. But how are these problems solved when the majority of financial institutions only serve local areas?

The Uncertain Future of Cashless ATMs

Abaca CEO Dan Roda says guidance from FinCen has given the industry and banks willing to serve it a great deal of “comfort.” As for payment methods like ACH transfers and regional debit networks, which are thought to be the safest and most compliant for the industry, they also exist in a world where they are technically illegal.

What does this mean for the cannabis industry?

Key Abaca Hires in 2021

2021 was a year of growth for Abaca, one in which we were excited to add to our teams in North Little Rock and in Chicago, and remotely. Two key additions in the last quarter are Preston Eldridge, Esq., and Kaye Berjot, MBA.

With a decade of legal experience in technology, corporate transactions and regulatory compliance, Preston Eldridge brings both a seasoned legal and compliance background and an entrepreneurial mindset to the Abaca leadership team in his dual role as Senior Vice President of Operations and Chief Compliance Officer.

An alumna of Euronet, Windstream, and Nokia, Kaye Berjot brings depth of experience to the Abaca product team, where she is spearheading the development of new banking, payments, and treasury features and tools as Product Manager.