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SPOTLIGHT: DAMA FINANCIAL

Despite what you may have heard, it’s not illegal for federally licensed banks to serve cannabis companies. The truth is that these relationships are legal, but they create sufficient regulatory and operational risk, and require such onerous compliance work, that most banks decide the industry isn’t worth the trouble. Dama Financial’s product and service suite enables FDIC-insured banks to serve cannabis companies. 

“Everyone should have access to transparent and compliant banking,” Dama Chief Revenue Officer Eric Kaufman says. “That should be a commodity.” Companies with bank accounts are more likely to pay their taxes and operate in accordance with the law. But at the moment, cannabis companies can only work with the banks that make the “risk-based decision,” to work with them. And the banks that do need guidance for how to serve the industry in a responsible way…  

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