Arkansas-based cannabis fintech hits $2 billion mark

Little Rock, Arkansas — More than $2 billion in transactions for the cannabis industry are processed by North Little Rock-based Abaca.

As more states in recent years have legalized some form of marijuana use, growth with the financial technology (fintech) banking company comes.

The company recently announced it “compliantly” processed the transactions through its “bank-backed financial technology” that provides “normalized financial services for an underbanked industry.”

“In the past two years, we’ve been hyper-focused on helping our customers do business faster with greater accuracy, controls, and stability, allowing them to achieve efficiency and scale their financial operations,” Abaca CEO Dan Roda said in the statement. “To see that we’ve now facilitated $2 billion in commerce for our customers is very rewarding. 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.”

The Arkansas-based fintech also has an office in Chicago and offers its services to cannabis dispensaries, cultivators, processors, and ancillary businesses in Arkansas, Colorado, Florida, Illinois, Louisiana, Michigan, Missouri, Montana, North Dakota, Ohio, and Oklahoma.