Traditional banks find it extraordinarily complex and cumbersome to meet all of the compliance requirements of banking the cannabis industry–essentially, banks must track every dollar in and out of an account and ensure it is a legal transaction.
In many cases, banks that wanted to serve cannabis businesses have exited the space because they found it unprofitable. In most cases, banks have simply decided it’s not worth trying.
Abaca solved the conundrum by creating powerful technology that automates and manages the complex tracking and reporting necessary to provide safe, compliant cannabis banking. Every Abaca bank account is housed at a chartered financial institution that has partnered with Abaca to deliver your banking services.