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Cannabis Cos. In LA Get Option For Online Tax Payments

Cannabis businesses in Los Angeles that are used to paying their city taxes in cash can now pay through online accounts, through a banking agent working with the city to help the underbanked industry during the COVID-19 lockdowns.

Dama Financial's exclusive agreement with the city to service the more than 300 cannabis business licensees involves an armored vehicle picking up cash from the business, then depositing it in a federally insured "virtual vault," where the business accesses it to pay city cannabis tax and licensing fees, according to the company.

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Dama Financial Launches Cash to Tax Solution to City of Sacramento

Dama Financial announces its CashToTax service offering to cannabis businesses in Sacramento, California.

SAN FRANCISCO, April 23, 2020 /PRNewswire/ -- Dama Financial announces its CashToTax service offering to cannabis businesses in Sacramento, California. The offering was rolled out in February in conjunction with the City of Sacramento Finance Department and the Office of Cannabis Management to provide cannabis businesses with a safe and convenient way to electronically pay taxes and licensing fees.

While shelter-in-place is still in effect due to COVID-19, cannabis businesses are having to wait in line outside of banks to make large cash deposits, thereby increasing risk to both the public and to the individual.

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Eric Kaufman: Helping Cannabis Companies Secure Financial Services

Eric Kaufman is the Chief Revenue Officer for Dama Financial, an organization that provides cannabis businesses access to sustainable banking with FDIC-Insured banks eager to cooperate with the cannabis space.

We caught up with Eric recently to hear how Dama Financial helps cannabis companies access banking services, his take on the challenges that face the cannabis industry during the COVID-19 pandemic, and more. Check out the full interview below!

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5 Safe Solutions to the Cannabis Cash Problem

What do cannabis entrepreneurs do with all that cash when banks refuse to work with them? That's one of the many questions Green Entrepreneur Editor In Chief Jonathan Small poses to his guest Eric Kaufman, who is Chief Revenue Officer for Dama Financial.

Dama provides access to secure banking for cash-intensive businesses such as cannabis. Their services include cash management, access to online and mobile-friendly bank accounts, cashless and now contactless payment solutions, and even armored guards and vehicles. In an in-depth interview, Eric talks about the challenges cannabis companies face, what they can do about that, and what the future holds.

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Ask the Experts: Banking:
5 Questions with Eric Kaufman

With cannabis still federally illegal, a lack of banking has become a pain point for many retailers that must deal with cash or find other unique workarounds. Eric Kaufman, Chief Revenue Officer at Dama financial, explains some ways cannabis-related businesses can anvigate tough banking laws and achieve financial success through banking.

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Ask the Experts: Merchant Processing:
5 Questions with Eric Kaufman

Many people make most or all of their retail purchases with a credit card, raising questions of how dispensary customers can easily pay for product, as major credit card companies won’t accept cannabis transactions.

Dama Financial’s Chief Revenue Officer Eric Kaufman talks about payment options—including the Paytender cashless payment solution—for cannabis retailers, why transparency is important and the risks involved with cash transactions.

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Dama Financial is the Banking Solution for Cannabis Businesses

Although cannabis businesses are legal at the state level, they are still extremely hindered when it comes to financial options and safe banking systems. Inefficiencies are still heavily associated with cash-intensive cannabis operations, even as the legal industry expands. This is where Dama Financial comes in, as the leading provider of access to banking and payment solutions, it can arrange for safe and insured financial services for cannabis-related businesses. Dama Financial has not only solved a huge bank account problem in the industry, by sourcing compliant and sustainable FDIC-Insured banks but also has created an inclusive turn-key financial service.

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Cannabis Payments are Ripe for Fintech Innovation

It is undeniable that cannabis is more than just a budding industry — it is big business. In Denver, ground zero of legalization of cannabis, there are more retail marijuana stores than there are Starbucks stores. As more states legalize marijuana for either medical or recreational use, the economic potential may finally become a reality. In California alone, the cannabis industry is worth $3.1 billion dollars. Nationwide, legal retail marijuana sales were over $8.5 billion in 2018 and expected to have topped $11 billion in 2019. Many dispensaries, as marijuana retail outlets are known, have gone upscale — with sophisticated displays, well-educated salespeople (or “budtenders,” as they are known), and expensive décor — leaving behind the image of the college dope dealer. Yet, in one way, the industry is still rooted in the past: when it comes to handling payments. Today, cannabis is largely a cash business. From retail payments to owners paying their tax bills with grocery bags filled with cash, the payments and banking system has not kept pace with the booming cannabis industry.

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San Francisco ICBC

The International Cannabis Business Conference (ICBC) is coming back to San Francisco, California on February 6-7, 2020. As the longest-running cannabis industry B2B event in California, the ICBC is known for its unique blend of education, industry insight, policy, and entertainment.

California’s cannabis market is the largest in the nation and the state has long been a cannabis public policy leader. California was the first state to legalize cannabis for medical use (1996) and has had a vibrant cannabis community for decades.

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PYMNTS.com - Dama Financial Collabs On Cannabis B2B eCommerce Platform

The companies announced in a press release Wednesday (Oct. 2) that they will partner to create what they describe as the first digital wholesale marketplace for the cannabis industry. In addition to an eCommerce platform enabling cannabis businesses to legally procure inventory, Dama Financial will facilitate compliance financial transactions between B2B vendors and merchants.

Helix TCS is developing its Amercanex online marketplace for wholesale cannabis, and integrated into that platform will be Dama Financial’s payment services and other financial tools. Dama will connect businesses trading on the Amercanex portal with compliance checking, escrow and trading accounts to facilitate B2B transactions, the companies said.

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Green Entrepreneur - 5 Safe Banking Alternatives For Cannabis Companies

Every month, staffers at NUG, a vertically integrated cannabis company in California, have to physically transport cash, accompanied by a licensed and armed security guard, via an inconspicuous company vehicle to a Pacific Gas and Electric office -- to pay their utility bill.

This may sound extreme, but it’s an all-too-common scenario among cannabis entrepreneurs. Despite weed’s legal status in most states and Washington, D.C., most federally insured banks won’t open accounts for marijuana businesses. The reason: fear of criminal or civil liability under federal law, which still classifies cannabis as a Schedule 1 drug.

For this reason, cash has become the go-to option for most cannabis transactions. Companies like NUG, which grows plants and manufactures cannabis products at several facilities in the Oakland, Calif., area, accrue mountains of greenbacks and have nowhere to deposit them except locked vaults.

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