On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

Dama Financial Provides Access to Transparent Banking Services for Cannabis Industry

  • Cannabis companies are facing financing problems, because the big banks will not take them on as customers
  • Dama Financial is focused on making transparent banking services readily available to the cannabis industry
  • Dama Financial offers turnkey services to clients looking for safe, sustainable and modern financial/payment options

Although more than 30 states have legalized cannabis use in some form, the majority of businesses in the field are having a hard time gaining access to banking services, leading to the emergence of specialized ancillary services to fill this gap. Dama Financial, a San Francisco-based private company, is one of these service providers, aiming to provide secure online and mobile-friendly banking services to cannabis-related businesses through its bank partners. Dama administers the provision of such solutions as an agent of its partnering financial institutions.

Founded by financial and payment industry veterans, the company is driven by a passion for innovation and solving complex business problems, ensuring value for its stakeholders.

Operating a cash-based business can be challenging due to various risks. These challenges are even more pronounced in the cannabis field due to the limited availability of financial services. Dama believes that reputable cannabis-related businesses deserve the same range of financial services as more traditional companies.

Dama Financial can help cannabis-related businesses create a safe environment for their employees and customers by reducing cash on hand, enabling them to pay their vendors and employees either electronically or by check, receive fund transfers effortlessly and ultimately run the business more efficiently and scalable.

Dama Financial engages in comprehensive due diligence process following the Know-Your-Customer (KYC) guidelines associated with the Bank Secrecy Act (BSA). All of the information provided in a funding application is verified, and an onsite visit to the company’s primary address is conducted to confirm the licensed business.

Once the application is processed and approved, the cannabis-related business will receive financing through one of Dama’s bank partners. Dama Financial will manage the delivery of the service on behalf of the bank partner.

In essence, Dama Financial provides turnkey services that are specifically created for the needs of the cannabis industry. Dama’s customers have access to a secure armored cash pickup and deposit service, a secure online account center that’s available 24/7 for the electronic transfer of funds to and from approved partners, real-time transaction alerts by phone or email and access to the services of a dedicated relationship manager.

Cannabis businesses applying for a Dama account need to have a current state-issued cannabis license. Cannabis licenses are not required for ancillary businesses.

Regardless of the fact that cannabis business legalization is advancing, companies in the field are still facing financing issues (http://ibn.fm/ctLlR). Cannabis remains illegal under federal law and banks are often reluctant to work with industry representatives. Current research suggests that only one in 30 banks or credit unions across the U.S. will accept a cannabis company as a customer. Even in such instances, cannabis-related businesses are charged hefty fees for the financial services being provided.

This is the primary reason why the services provided by Dama Financial are so important and could help promising cannabis enterprises succeed by providing them with the financial and banking tools needed to fund their growth and development.

For more information, visit the company’s website at www.DamaFinancial.com

NOTE TO INVESTORS: The latest news and updates relating to Dama Financial are available in the company’s newsroom at http://ibn.fm/Dama

About QualityStocks

QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.

QualityStocks (QS)
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com

Please see full terms of use and disclaimers on the QualityStocks website applicable to all content provided by QS, wherever published or re-republished: http://www.qualitystocks.net/disclaimer.php

Archives

Select A Month
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • September 2009
  • August 2009
  • July 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • February 2009
  • January 2009
  • December 2008
  • November 2008
  • October 2008
  • September 2008
  • August 2008
  • July 2008
  • June 2008
  • May 2008
  • April 2008
  • March 2008
  • February 2008
  • January 2008
  • December 2007
  • November 2007
  • October 2007
  • September 2007
  • August 2007
  • July 2007
  • June 2007
  • May 2007
  • April 2007
  • March 2007
  • February 2007
  • January 2007
  • December 2006
  • November 2006
  • October 2006
  • September 2006
  • August 2006
  • July 2006
  • June 2006
  • May 2006
  • April 2006
  • March 2006
  • January 2006
  • December 2005
  • October 2005
  • September 2005
  • Market Basics

    New to the micro-cap markets?Get answers to your questions about investing in Small-Cap / Micro-Cap Stocks and learn how to protect yourself.

    The Basics

    Newsletter Publishers

    Have an up and coming newsletter and want to be included in our coverage list? Looking to get more coverage and grow subscriptions? Register for coverage.

    Register

    Public Companies

    Are you a Small-Cap / Micro-Cap company looking for coverage? We'd love to hear from you. Fill out our quick contact form or send us a text.

    Get Covered