Fintech Firm Offers Cannabis Companies A ‘CashToTax’ Platform In LA

Fintech company Dama Financial has received approval from the Los Angeles Office of Finance to offer cannabis businesses a way to pay city taxes and licensing fees with cash.

Previously, the option of cash payments had been suspended due to coronavirus.

The All-Cash Problem

Before the COVID-19 outbreak, cannabis businesses were allowed to pay taxes by credit card, ACH, or cash by appointment. Many cannabis businesses would choose to do it in cash, since cannabis companies are often denied access to banking services, and handle most of their transactions in cash.

But since the coronavirus outbreak, Los …

Full story available on Benzinga.com

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