Hot off the press

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.

Read More - 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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