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.