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Abaca Expands Services to California

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1 min read
Dan Roda, CEO of Abaca, saw a “huge disconnect” in the banking industry when he realized that cannabis companies were having problems opening accounts. Five years later, Abaca handles banking for 90% of Arkansas’ medical marijuana industry.
Dan Roda, CEO of Abaca, saw a “huge disconnect” in the banking industry when he realized that cannabis companies were having problems opening accounts. Five years later, Abaca handles banking for 90% of Arkansas’ medical marijuana industry.

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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