Abaca accounts now available for lawyers California cannabis operators
SALINAS, Calif., August 25, 2022 /PRNewswire/ — Abaca, an industry-recognized financial platform for cannabis operators, and Pacific Valley Bank (OTC Pink: PVBK), are partnering to expand access to cannabis banking services in the California market.
For the first time since the state legalized medical marijuana 26 years ago, legal operators in the industry have access to the powerful combination: a bank aligned with the California community and a leading cannabis fintech provider with a nationally compliant financial services track record. The partnership, Abaca x PVB, provides a single point of access for deposit bank accounts, electronic payment services and cash management options for licensed cannabis businesses in California.
“Abaca has been an agile, reliable and innovative industry leader in helping to connect legal cannabis businesses to financial services,” said Anker Fanoe, CEO of Pacific Valley Bank. “Pacific Valley Bank is a community bank that has served the cannabis industry for over two years, with clients from San Diego at Sacramento. Offering accounts with Abaca allows us to offer a streamlined one-stop shop for current and future commercial cannabis customers and amplifies the work we have already done as one of the first FDIC-insured banks in California working with the legal cannabis industry.”
Only a small portion of banks and credit unions across the country are ready to serve the cannabis industry. As a result, the cannabis industry remains significantly underbanked. Many operators find it difficult to access banking services that meet their needs.
As a result, these companies are very cash-intensive, sometimes even putting employees and the public at risk. Abaca x PVB helps this problem in California standardizing access to modern financial services and cash management for the cannabis industry statewide and nationally.
“Many operators across the state have been let down by unsophisticated, unreliable, and unnecessarily cumbersome banking solutions,” said Dan Roda, CEO of Abaca. “Now operators have access to the best of both worlds: the human touch of a California community bank with a deep understanding of unique market needs and the powerful technology of a financial platform that enables traders to seamlessly manage their finances online. Together, Abaca and Pacific Valley Bank are committed to providing the highest quality banking experience to California the cannabis industry.”
Founded in 2017, Abaca works with its FDIC-insured banking partners to enable traditional banking services for operators ranging from single dispensaries to entire MSOs in 13 states – and now California. Additionally, the Company’s online banking platform offers payment and treasury services to cannabis businesses nationwide. Abaca announced in early 2022 that it had compliantly processed over $3 billion in customer transactions.
Abaca provides state-legal cannabis businesses with compliant bank accounts, cash management, electronic payments, and other financial services through its compliant, technology-based cannabis banking platform. Abaca and its partner financial institutions are currently accepting traditional bank account applications in Arkansas, California, Colorado, Florida, Illinois, Louisiana, Michigan, Mississippi, Missouri, Montana, North Dakota, Ohio, Oklahoma and South Dakota. The company’s banking platform also offers lending and payment processing services to cannabis businesses nationwide. Learn more about goabaca.com/california-cannabis-banking.
About Pacific Valley Bank
Pacific Valley Bank (member Federal Deposit Insurance Corporation) is a full-service merchant bank that began operations in September 2004 provide exceptional service to customers in California. The Bank offers a wide range of banking products and services, including credit and deposit services to small and medium-sized enterprises, agriculture-related businesses, non-profit organizations, professional service providers and individuals. . For more information, visit www.pacificvalleybank.com.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. . Accordingly, readers should not place undue reliance on these forward-looking statements. These risks and uncertainties include, but are not limited to, economic conditions in all areas in which the Bank operates, including the competitive environment to attract loans and deposits; supply and demand for real estate and the periodic deterioration of real estate prices and/or values in California or other states where we lend; changes in the financial performance and/or condition of our borrowers, depositors, key suppliers or counterparties; changes in our levels of delinquent loans, non-performing assets, loan loss provisions and write-offs; the effect of changes in laws and regulations, including accounting practices; changes in estimates of future reserve requirements and minimum capital requirements based on a periodic review thereof in accordance with applicable regulatory and accounting requirements; fluctuations in interest rates and the market environment; cybersecurity threats, including loss of system functionality, theft, loss of customer data or money; technological changes and the increasing use of technology in banking; the costs and effects of legal, compliance and regulatory actions; acts of war or terrorism, or natural disasters; and other factors beyond the control of the Bank. These forward-looking statements, which reflect management’s beliefs, speak as of the date of this release. Pacific Valley Bank has no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.