Abaca Gets Seed Money for Marijuana Financial Business

Abaca Banc is offering banking services to the medical marijuana industry in Arkansas, Oklahoma, Louisiana and other states. Members include Greg Ellis (seated), and from left to right, Dan Roda, Reed Lewallen and John Foley.

A startup that offers financial services to the cannabis industry has scored $800,000 from investors.

Rockview Digital Solutions Inc. of North Little Rock, which is the parent company of Abaca, will use the money for growth and to help fund operations, said its CEO, Dan Roda, who is a member of this year’s class of Arkansas Business’ 40 Under 40 honorees.

“Our cannabis banking solution … is already live in Arkansas,” he said. “We want to take it to some other states.”

The company’s total offering amount was for $1.5 million and the offering will remain open through the end of the month.

“There’s one or two other investors we expect to admit,” Roda said.

One of the venture capital firms that invested in the company is WelCan Capital of New York, which on its website said it invests in “high-impact, foundational companies in the cannabis industry.” It also received an investment from AFI Capital Partners of Santa Monica, California.

Abaca’s website says, “[F]rom business accounts to merchant services and lending, we’re paving the way for modern financial services in the cannabis business.”

Other executives of the company are Brian Bauer, John Foley and Greg Ellis.