Dama Monetary, the main supplier of banking and monetary options for hashish firms, Pronounces the completion of a $ 12.6 million progress capital improve – MJNews Community
Dama will use the new investment round to accelerate already impressive growth, further address the shortage of financial services products for the cannabis industry, recruit top talent and scale the business with the support and support of its investors.
CALIFORNIA: Dama Financial, the leading provider of access to banking and payment solutions through its FDIC-insured banking partners for the fast growing legal cannabis industry, today announced the completion of its Series B financing round of $ 12.6 million, bringing Dama’s total funding is around $ 24 million to date. The round was led by a group of strategic new investors. Dama currently serves over 7% of legal cannabis businesses in California, operates in 12 states, and has over 50,000 consumers with digital wallets in the US. Since its inception, Dama has processed over $ 2 billion in transaction value.
“In one of the fastest growing industries in the world, Dama provides businesses and consumers with much-needed financial services that are secure, compliant and efficient,” said Anh Hatzopoulos, CEO and co-founder of Dama. “We spent four years building a platform to enable safe and compliant financial services for cannabis companies and now it’s time to take Dama to the next level.”
“Dama has brought together the right team and technology to position itself as the clear leader in payment solutions in the cannabis industry in the years to come,” said Dan Englander of Ursula Investors. “Dama continues to work on innovative solutions to the industry’s serious payment problems, and we are pleased that these are accelerating. ”
As of November 2020, six new states have passed legalization measures for cannabis, and a record percentage of Americans are now backing legalization. The cannabis industry is one of the fastest growing in the world. The global cannabis market is projected to reach $ 47 billion, and US sales of legal cannabis are expected to increase fivefold by 2025. According to Arcview Research, legal cannabis sales rose 46% to $ 46 billion in 2019, which is the highest annual growth rate to date. Dama’s payment solutions solve complex banking problems for cannabis dispensaries and enable seamless consumer transactions at mobile points of sale.