A High Price to Pay in Cannabis Banking 

• PBC Conference in DC last week - Payments, Banking and Compliance in Cannabis 
• Challenges of payments and banking in a federal/state regulation conflict 
• Up to 80% of Cannabis businesses are unbanked. The extensive fallout:
• • Cash risks and security  
  • Limited cart size (30% higher spend when using cards)
  • Payroll, lending, mortgages, etc. 
• GrowFlow https://www.growflow.com/
• • SaaS tool for managing “seed to sale” operations and compliance 
  • https://greencheckverified.com/what-we-do/financial-institutions/ 
  • Banking solutions for cannabis industry 
  • FinCen compliance 
  • Less than 7% of FIs report banking cannabis-related businesses 

 

Industry Clouds 

• https://venturebeat.com/2021/09/14/snowflake-targets-financial-services-with-its-first-industry-specific-data-cloud/ 
• Wells Fargo announced Digital Infrastructure Strategy and Strategic Partnerships With Microsoft, Google Cloud but not in its industry-specific cloud which is in public preview stage only. 
• • https://blogs.microsoft.com/blog/2021/02/24/new-industry-clouds-offer-launchpad-for-innovation/ 
  • Amazon and FinSpace 
  • https://www.forbes.com/sites/patrickmoorhead/2021/04/08/the-latest-chapter-in-ibms-quest-to-build-a-cloud-for-banks/?sh=3df4cb226057 

 

Acronym of the week: CDMC 

Cloud Data Management Capabilities industry standard

• Snowflake became the first to be certified 
• Extension of DCAM 

 

What’s coming up?  

• Briefings next week: Adobe and PayPal’s commerce payment announcement, Austin-based companies