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Dama in the news

Dama Financial to Acquire GrowFlow

Dama Financial ("Dama"), the nation's largest provider of access to banking and payment solutions for the cannabis industry, has entered into an agreement to acquire GrowFlow Corp. ("GrowFlow"), whose business management and compliance tools have processed more than $3.3 billion for cannabis retailers, cultivators, processors, and distributors.

Dama Financial has entered an agreement to acquire GrowFlow, creating a comprehensive solution for cannabis companies.

Combining Dama's fintech and payment solutions and GrowFlow's industry-leading software platform will create the most sophisticated, comprehensive solution for cannabis companies, integrating product, operations, compliance, and financial data in a more usable and flexible solution than any current offering in the industry. The highly scalable platform will fulfill the business needs and regulatory obligations of any licensed cannabis business — dispensary or wholesale — everywhere cannabis is legal in the United States.

Read More on Yahoo Finance

Anh Hatzopoulos, Co-founder and CEO of Dama Financial: Cannabis Banking

FWM: You have a 25+ year career of successful startups and scaling businesses such as Netspend, Walmart.com, and Netscape. What led you to launch Dama?

After spending years in the payments industry creating solutions for consumers that are underserved, it was a natural fit to help with a massive public safety issue by creating solutions for the cannabis industry. When hardworking business owners don’t have access to banking and are forced to operate entirely in cash, it puts not only their employees and customers at risk of falling victim to crime, but their surrounding communities as well.


FWM: Tell us about the challenge of building credit in the cannabis industry.

In order to build credit—for any business—you have to be able to get a lender (bank or otherwise) to extend credit. Lenders are reluctant to extend credit to businesses that operate in cash. In other words, operators get no cashflow credit while operating in cash. Businesses that are interested in building a credit history should start by getting funds into a bank account.

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B2B PAYMENTS In The Push Against Cash, Cannabis FinTech Meets The Industry Where It Is

Despite expanding legalization of cannabis, businesses operating legally in the space face no shortage of headaches when it comes to getting banked, accessing loans and having access to the critical financial services any company needs to operate.

For players in this high-cash market, it is a well-known fact that — in addition to the traditional pains of operating a small business — compliance and a lack of access to the banking sector create compounded difficulties.

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How Dama Financial Is Offering the Cannabis Industry Comprehensive Financial Services

Exclusive Interview with Dama Financial Co-Founder and CEO Anh Hatzopoulos

Dama Financial was formed four and a half years ago by a group of payments professionals. Today, the company partners with FDIC-insured banks and offers the cannabis industry comprehensive banking and financial services. Co-Founder and CEO Anh Hatzopoulos spoke with New Cannabis Ventures about serving the cannabis space and growing the Dama Financial platform. The audio of the entire conversation is available at the end of this written summary.

Read More on New Cannabis Ventures

Dama Financial Introduces Smart Safe Solution

Dama Financial (“Dama”), the nation’s largest provider of access to banking and financial services for the cannabis industry, has added Dama Smart Safe to its business toolkit.

Smart safes allow business owners to authenticate and monitor their cash at every step of the handling process. With rapid advancements in counterfeit technology, the detection of fake currency with the naked eye has become nearly impossible. Smart safes are equipped with bill validators that significantly decrease the risk of fraud. At the same time, the cash is reconciled automatically, eliminating the need to spend hours doing it manually.

Read More on Cannabis Business Executive

Dama Financial Now Open to Cannabis Companies Nationwide

Dama Financial ("Dama"), the largest provider of access to financial services for the cannabis industry, is making its business solutions available to any legally operating company operating in a state that has legalized cannabis for adult and/or medical use.

Dama Financial is making its business solutions available to any legally operating cannabis company nationwide.

Read More on Yahoo