Dama Financial Collabs On Cannabis B2B eCommerce Platform

Dama Financial, a financial services provider that collaborates with banks to provide services to the legal cannabis industry, is collaborating with Helix TCS on a B2B eCommerce platform for the marijuana sector.

The companies announced in a press release Wednesday (Oct. 2) that they will partner to create what they describe as the first digital wholesale marketplace for the cannabis industry. In addition to an eCommerce platform enabling cannabis businesses to legally procure inventory, Dama Financial will facilitate compliance financial transactions between B2B vendors and merchants.

Helix TCS is developing its Amercanex online marketplace for wholesale cannabis, and integrated into that platform will be Dama Financial’s payment services and other financial tools. Dama will connect businesses trading on the Amercanex portal with compliance checking, escrow and trading accounts to facilitate B2B transactions, the companies said.

“At Helix TCS, we have always focused in providing fully compliance, transparent infrastructure solutions to the cannabis industry,” said Helix TCS CEO and Executive Chairman Zachary L. Venegas in the announcement. “The Dama solution will allow cannabis businesses to transact like any other business would, and I’m proud to bring this first-in-class system to the industry.”

“We are thrilled to partner with Helix TCS to deliver the first true cannabis exchange to the industry,” added Dama Financial CEO Dan Henry. “Amercanex will give these business owners the opportunity to maintain and grow their business operations online in a secure and legitimate way.”

Providing banking, payments and other financial services to the legal cannabis market has been one of the industry’s biggest challenges as federally-regulated banks shy away from potential compliance issues by operating in markets only legal at the state level.

Last week the U.S. House of Representatives passed the SAFE Banking Act, legislation which aims to allow financial institutions to service legal cannabis companies.

House Judiciary Committee Chairwoman Maxine Waters of California said it was “time for Congress to act,” and urged lawmakers to open the door to legal banking services for businesses as state-level marijuana legalization spreads. “Cannabis-related businesses are locked out of the banking system, and cannot maintain checking accounts, process payroll obligations or pay taxes. The Financial Services Committee heard testimony in February that these cash-only businesses and their employees have become targets for violent criminals.”