Financial entities seek to expand California Cannabis banking efforts
Abaca, a financial platform for cannabis operators, and Pacific Valley Bank are partnering as a means of expanding cannabis banking access within the California market.
This marks the first time since California legalized medical marijuana 26 years ago that legal operators in the industry have access to such a combination.
“Many operators across the state have been let down by unsophisticated, unreliable, and unnecessarily burdensome banking solutions,” Abaca CEO Dan Roda said.
“Now, operators have access to the best of both worlds – the human touch of a California community bank with a deep understanding of the unique needs of the market and the powerful technology of a financial platform that enables operators to seamlessly manage their finances online.”
Roda said Abaca and Pacific Valley Bank are committed to delivering the highest quality banking experience to the California cannabis industry.
The partnership provides a single point of access for deposit bank accounts, electronic payment services and cash management options for California licensed cannabis businesses.
“Abaca has been an agile, reliable, and innovative industry leader in helping connect legal cannabis businesses with financial services,” Pacific Valley Bank CEO Anker Fanoe said.
“Pacific Valley Bank is a community bank that has been a powerhouse serving the cannabis industry for over two years, with clients from San Diego to Sacramento.
Offering accounts with Abaca allows us to deliver a streamlined one-stop-shop for current and future cannabis business customers and to amplify the work we’ve already done as one of the first FDIC-insured banks in California to work with the legal cannabis industry.”