Cannabis Cash takes a step towards the digital future
NORTH LITTLE ROCK, Ark., April 21, 2021 (GLOBE NEWSWIRE) – Cannabis financial services provider Abaca has partnered with Staley Technologies and CIMA to digitize one of the last remaining analog aspects of the industry – managing the Treasury.
The cost and risk of handling cash have been persistent issues in the cannabis industry. Business collaboration provides an integrated solution for cannabis operators, financial controllers and CFOs with secure cash custody processes and real-time visibility into corporate liquidity across the organization.
“The cannabis industry is often the last to see its business processes streamlined with advanced technological solutions due to compliance and development costs,” said Brian Bauer, chief strategy officer at Abaca. “Abaca’s partnership with Staley Technologies and CIMA provides our customers, whether they are multi-state operators or single dispensaries, a seamless solution. Customers can log into Abaca Online Banking and see real-time cash position and transaction log, in addition to being able to manage financial transactions and send money. “
The integrated back-office cash recycling solution also has an operational impact at the retail dispensary level. Store management saves 20-40 hours per week in cash management, freeing up time for managing income-generating activities.
“CIMA smart safes make it easy for dispensary staff to count, deposit and register cash in seconds,” said Vik Devjee, vice president of CIMA. “This solution formalizes the cash handling system. Employees deposit the cash in the counter, then it is deposited in the safe, and finally our smart safe prints a receipt for an accounting journal. Our recyclers allow operators to prepare floats and also access change. Owners and management can log into Abaca Online Banking to view all secure activity. “
The information collected during the counting and deposit of cash in CIMA’s smart safe is displayed in real time on the Abaca Online Banking portal. Hardware installation and support is provided by Staley Technologies.
“Enterprise solutions require thoughtful and careful implementation and management. Staley is well positioned to bridge the gap between implementation, training and maintenance, ”said Andrew Faulkner, CEO of Staley Technologies. “At some point, rubber meets the road when it comes to new technology and day-to-day operations. We are ready to support the cannabis industry in the evolution of its business practices. “
For more information visit GoAbaca.com/Enterprise.
Abaca connects cannabis and hemp businesses with bank accounts, loans, electronic payments, and cash management services through its fintech-powered cannabis banking platform. Depository banking services are offered in partnership with chartered banks, members of the FDIC. By leveraging advanced regulatory technology, Abaca is able to deliver modern financial services to this highly compliant and emerging vertical.
About Staley Technologies
Staley Technologies is deploying business technology nationwide to help clients stay relevant in ever-changing environments. Staley Technology creates custom solutions for each customer to ensure they can deliver to their customers. We are committed to providing the best possible service, exemplified by our 200 W2 technicians across the country. Staley Technologies gets it right the first time.
CIMA Cash Handling America Inc. is the 100% American subsidiary of CIMA SpA. (Italy). CIMA is a global manufacturer of cash management solutions that help businesses dramatically reduce the cost of cash management. CIMA provides a wide range of smart safes, back office / front store recycling systems and software to businesses in banking / financial institutions, retail, hospitality and gaming.