EXCLUSIVE: Cannabis Banking 3.0 – Enterprise Solutions for MSOs, Experts Talk at Benzinga Cannabis Conference
During Benzinga Cannabis Capital Conference, Bob Craig (CEO) and Joe Proto, director of the board of directors PayQwicka cannabis financial services company, joined Javier HasseGeneral Manager of Benzinga Cannabis to talk about banking and financial solutions related to cannabis.
Proto, a serial fin-tech entrepreneur with more than 30 years of experience in cash management, who sold businesses to Wells Fargo and MasterCard, got involved in cannabis through a of his best friends who explained to him the impact of the legalization of cannabis in society, especially for those who are currently incarcerated for weed convictions.
“We are excited to take the cannabis industry to the next level in payment and cash technology,” Proto said.
PayQwick anticipates the legalization of cannabis, find solutions to address the transition of cannabis markets from largely cash-based operations to the use of credit cards and banking transactions. “We’re always thinking about money at the retailer and how that’s going to change once we have the national capacity to do that, legislatively. The cash flow problem is something that can be solved,” Proto added.
He pointed out that the lack of equal access to banking services is exacerbating inequalities in the industry and that PayQwick’s solutions can help include cannabis entrepreneurs who are currently forced to operate inefficiently.
The company offers compliance tools adapted to state markets. Their “BSA/AML Compliance Program” offers Regulatory Compliance Assessment, “Know Your Customer” (KYC) Due Diligence, Extended Transaction Due Diligence, Enhanced Customer Due Diligence, Transaction Reporting currency (CTR) and Suspicious Activity Reports (SAR).
Image by Ilona Szentivanyi.