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Cannabis Banking Firm Abaca Surpasses $2B in Commerce

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The cannabis financial technology firm Abaca of North Little Rock has surpassed $2 billion in financial services to the industry.

Growth has come at a blazing pace for the company, which said it has handled more than $1 billion in transactions since April. And CEO Dan Roda said the company has no plans to slow down. 

“We plan to continue leveraging our cannabis compliance and technology expertise to find new ways to empower the industry as it continues to grow and evolve,” Roda said in a news release. 

Founded in 2017, Abaca operates as a middle man between banks and cannabis companies in an industry subject to divergent state and federal regulations. By bridging that gap, it aims to normalize financial services for an industry it says is underbanked. 

Abaca services dispensaries, cultivators, processors and ancillary cannabis businesses with compliant commercial banking, payments and treasury management.

Its clients include both small businesses as well as publicly-traded multi-state operators and enterprise clients.

“Our technology has really evolved the expectations in cannabis banking,” Brian Bauer, Abaca’s president and chief strategy officer, said in the release. “We are now doing much more than just commercial deposits. And because at our heart we are a technology company, we are able to deploy our financial services digitally while also meeting the rigorous compliance requirements for cannabis banking.”

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