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Cannabis Cos. In LA Get Option For Online Tax Payments

Cannabis businesses in Los Angeles that are used to paying their city taxes in cash can now pay through online accounts, through a banking agent working with the city to help the underbanked industry during the COVID-19 lockdowns.

Dama Financial's exclusive agreement with the city to service the more than 300 cannabis business licensees involves an armored vehicle picking up cash from the business, then depositing it in a federally insured "virtual vault," where the business accesses it to pay city cannabis tax and licensing fees, according to the company.

Eric Kaufman: Helping Cannabis Companies Secure Financial Services

Eric Kaufman is the Chief Revenue Officer for Dama Financial, an organization that provides cannabis businesses access to sustainable banking with FDIC-Insured banks eager to cooperate with the cannabis space.

We caught up with Eric recently to hear how Dama Financial helps cannabis companies access banking services, his take on the challenges that face the cannabis industry during the COVID-19 pandemic, and more. Check out the full interview below!

5 Safe Solutions to the Cannabis Cash Problem

What do cannabis entrepreneurs do with all that cash when banks refuse to work with them? That's one of the many questions Green Entrepreneur Editor In Chief Jonathan Small poses to his guest Eric Kaufman, who is Chief Revenue Officer for Dama Financial.

Dama provides access to secure banking for cash-intensive businesses such as cannabis. Their services include cash management, access to online and mobile-friendly bank accounts, cashless and now contactless payment solutions, and even armored guards and vehicles. In an in-depth interview, Eric talks about the challenges cannabis companies face, what they can do about that, and what the future holds.

Ask the Experts: Banking:
5 Questions with Eric Kaufman

With cannabis still federally illegal, a lack of banking has become a pain point for many retailers that must deal with cash or find other unique workarounds. Eric Kaufman, Chief Revenue Officer at Dama financial, explains some ways cannabis-related businesses can anvigate tough banking laws and achieve financial success through banking.

Ask the Experts: Merchant Processing:
5 Questions with Eric Kaufman

Many people make most or all of their retail purchases with a credit card, raising questions of how dispensary customers can easily pay for product, as major credit card companies won’t accept cannabis transactions.

Dama Financial’s Chief Revenue Officer Eric Kaufman talks about payment options—including the Paytender cashless payment solution—for cannabis retailers, why transparency is important and the risks involved with cash transactions.