The New Wave in Cannabis Talent? One Company's Strategy to Support Enterprise MSOs

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The following post was written and/or published as a collaboration between ’s in-house sponsored content team and a financial partner of Benzinga.

Data from FinCEN’s quarterly marijuana banking updates, has shown that only 684 banks and credit unions are servicing the majority of the $20 billion dollar cannabis industry.

Many cannabis companies such as Etain and Sundial Growers Inc. (NASDAQ: SNDL) and other single-state or regional dispensaries and growers are just starting out or fall into the small to mid-range business categories.

But are there any banking solutions with the structure and resources to support larger companies and multi-state operators (MSOs) like Holdings Inc. (NASDAQ: CURLF), Tilray Inc. (NASDAQ: TLRY) and Cresco Labs Inc. (NASDAQ: CRLBF)? There’s at least one.

Banking, Payments, and Treasury

Abaca is an example of a cannabis banking and financial platform that seeks to provide top-tier treasury and cash management solutions for well-established, elite cannabis companies.

While Abaca offers affordable banking options for small businesses, the company also prides itself on being one of a limited number of providers enabling financial operations for enterprise MSOs.

“We don’t see a lot of businesses doing what we do for larger MSOs. We at Abaca believe that the cannabis industry isn’t unbanked — it’s underbanked,” Abaca CEO Dan Roda said, “and it isn’t unserviced, it’s underserved.” 

It’s a bit of a myth that a large portion of cannabis businesses still operate mostly in cash. But for those that prefer …

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