Cannabis fintech Dama Financial looks to double sponsor bank network

Dama Financial is looking to more than double its portfolio of sponsor banks by as early as the end of the year, said CEO Patrick O’Boyle, who joined the cannabis banking-focused fintech in February.

The company, which currently has sponsor bank partnerships with five financial institutions, helps businesses in the cannabis industry, such as dispensaries and cultivation centers, secure banking and payments services.

Dama Financial’s network of sponsor banks, which the firm aims to double by as early as the end of the year, hold the deposits for cannabis-related businesses which, due to conflicting state and federal laws, often operate outside of the banking sector.

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