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MediPays Rebrands Online Platform for Marijuana Businesses

2 min read

MediPays of Little Rock has rebranded its full-service online banking platform for marijuana-related businesses with a new name, Abaca.

But the company will still call its mobile wallet for patients MediPays. Patients with prescriptions for medical marijuana can load money into MediPays and use it at participating marijuana dispensaries.

“When we first formed this company, we were under the impression that, primarily, we would be occupying the payment space and, primarily, that we would be serving only medical cannabis communities,” Co-Founder and Chief Legal Officer Dan Roda told Arkansas Business. “As we’ve seen in the past year, the demand for financial services in the cannabis industry, it’s much more broad than just payments at the point of purchase. And we’re still doing that, and we’re still calling our payment application MediPays.

“But we have a whole suite of financial services on offer, everything from traditional bank accounts and partnerships with charter financial institutions to even some lending offerings on platform. So we needed a brand that adequately conveyed that,” he said.

Abaca is the online platform that dispensaries, cultivators and ancillary businesses, such as consultants and testing laboratories, will use, Roda said.

“We are still standing ready when these dispensary permits get awarded, hopefully later this month,” he said. “We’re here, ready to help.”

Meanwhile, MediPays is already operating in Oklahoma

“Their market is certainly progressing a bit more quickly than ours. It’s also not nearly as well-regulated as I expect ours will be. So it has its own set of challenges we’re working through,” Roda said. 

The company is working to expand into Louisiana, Michigan and Colorado as well.

Roda added that it was great to see people in Oklahoma excited about getting into the industry and helping patients. He hopes to see that enthusiasm return to Arkansas soon, where it has been dampened by the delay in the rollout of medical marijuana. Medical marijuana was legalized by voters in 2016 but is still not yet available for purchase.

MediPays is the doing-business-as name for Rockview Digital Solutions LLC, which was incorporated last year by Roda, CEO Brian Bauer, CFO John Foley and Chief Technology Officer Greg Ellis. The company is working with an Arkansas bank that it has not yet revealed.

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