Abaca Expands Services to California

Abaca Expands Services to California
Dan Roda, CEO of Abaca (Karen E. Segrave)

Cannabis banking firm Abaca of North Little Rock announced it has expanded services to California through a partnership with Pacific Valley Bank of Salinas.

The partnership offers a single point of access for deposit bank accounts, electronic payment services and cash management options for licensed cannabis businesses in California. 

Abaca operates as a middle man between banks and cannabis companies in an industry subject to divergent state and federal regulations. 

Publicly traded Pacific Valley (OTC Pink: PVBK) is one of the first FDIC-insured banks in California to work with the legal cannabis industry, CEO Anker Fanoe said in a news release. He said the partnership with Abaca will allow the bank to deliver a "streamlined one-stop-shop" for current and future cannabis business customers.

Abaca, founded in 2017, now provides banking services for cannabis companies in 13 states. Its clients include small businesses, publicly-traded multi-state operators and enterprise clients.

The company surpassed $2 billion in customer transactions earlier this year.

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