Cannabis supporters and companies have their fair share of drama around commerce and banking issues. And while the Senate Banking Committee's recent approval of the SAFER Banking Act was “a huge step forward in the right direction” that will help financial institutions feel better as it comes closer to legitimizing the industry, says Dama Financial’s CEO Patrick O’Boyle, there are still many challenges.
Dama has helped community banks to get into the market and has serviced the cannabis industry since 2017. It is now acting as a “full-stack” provider of complete seed-to-sale POS consumer payments and financial capabilities for one integrated system for dispensary, wholesale and fully vertically integrated cannabis companies.
Their business still faces both state-to-state and federal regulatory and compliance issues, and more generally the support and understanding of the operations of cannabis businesses, O’Boyle told Benzinga’s cannabis managing director, Javier Hasse, during a conversation ...