$2.5 billion in cannabis commerce processed.
Abaca provides state-legal cannabis and hemp/CBD businesses with compliant bank accounts, lending, electronic payments, and other financial services through its financial technology-powered cannabis banking platform. Using its proprietary technology, Abaca creates a bridge between cannabis industry players and proven financial services partners – navigating the thorny patchwork of state and federal regulations.
In 2017, four entrepreneurs with discrete and complementary experience in law, banking and financial services technology got together with an idea to simplify and solve the cannabis banking problem. Abaca now offers cannabis banking, payment processing and cash management. Since its founding, Abaca has received numerous capital investments and become a recognized resource in delivering financial services in a safe, compliant and secure manner.
The Cannabis Financial Ecosystem
Dan Roda JD, LLM
Chief Executive Officer
Dan is a former corporate attorney with 10+ years of transactional and regulatory practice experience and degrees from Tulane University, Villanova Law School, and the University of Alabama. As Dan’s cannabis industry client roster grew, he noticed a consistent problem — banking — leading to the founding of Abaca. Dan is the company’s CEO and its chief legal officer.
Chief Technology Officer
Chief Technology Officer Greg Ellis built the software architecture of two successful fintechs prior to Abaca, and spent two decades in mortgage banking and hedging interest rate risk. Greg has a diverse background in finance, technology and he loves to spend time woodworking and making music. Greg is responsible for the conception and creation of Abaca’s cutting edge tech.
Chief Financial Officer
John Foley spent 25 years in senior leadership and chief executive roles with community and national banks, and also co-founded a large regional insurance agency. Whether he’s in a boardroom or a grow-op, John stays true to his banking roots. John might not have to wear a suit and tie too often any more, but he still wears his banker hat while heading up Abaca’s compliance and account operations teams in addition to serving as the company’s chief financial officer.
Chief Strategy Officer
Once a door gunner in the U.S. Navy, Brian Bauer went on to run successful fintech accelerator programs for the Independent Community Bankers of America and FIS, giving him unique insight and visibility into emerging financial tech. Now a well-known figure in the Arkansas fintech community, Brian assembled the Abaca leadership team and serves as the company’s chief strategy officer and chief revenue officer.
What Our Clients Say
Banking with Abaca has made issuing and receiving payments easy with options for old school and electronic payments. Receiving payments from dispensaries and paying our vendors is so easy.
You would think ancillary businesses in the cannabis industry would have an easier time getting a bank account, but that is not the case. Abaca has enabled our testing lab to access traditional banking. Abaca enables my cultivator customers to pay electronically, and not with cash. We love their web interface.
The folks at Abaca are always quick to help us solve our payment issues and provide assistance to improve our process.
Recent blog posts and articles
Safe Harbor Financial Announces Completion of Abaca Acquisition
Safe Harbor adds more than 300 unique accounts to its platform Increases operations to more than 40 states and U.S. territories Expands lending and technology capabilities and [...]
5 Best Practices for Upgrading Your Cannabis Payroll
The cannabis industry has faced a lot of challenges when it comes to securing reliable financial solutions. The cash vs. digital consumer payments debate probably stands out [...]
4 Tips to Prepare Your Dispensary for Green Wednesday Sales
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 [...]
Stay In Touch