Cannabis Financial Services Provider Equips Banks and Credit Unions to Serve Rapidly Growing, Highly Regulated Industry

CALABASAS, Calif., March 16, 2021 (Newswire.com) - PayQwick, the cannabis industry's most comprehensive treasury and financial services platform, is committed to bridging the gap between the rapidly growing cannabis industry and the limited financial services solutions available to cannabis-related businesses.

PayQwick has provided compliant treasury and payment solutions for cannabis businesses since 2015. Its proprietary platform delivers a seamless suite of services from cash pickups to receivables management, bill pay, electronic payments, real-time settlements, escrow services, and robust reporting. In 2020, PayQwick processed over $500 million in transactions for U.S. businesses in more than a dozen states.

Federal regulatory proposals - like the SAFE Banking Act, MORE Act, and potential changes in cannabis' Schedule I status - will continue to complicate the compliance and reporting landscape for banks and credit unions. PayQwick's comprehensive solutions eliminate the need for banks to invest in a new set of operational and technical capabilities to serve the highly specialized cannabis industry. PayQwick offers a full suite of network capabilities that extend its core services to settlement, lending, investing and the myriad needs of cannabis operators.

PayQwick recently made two strategic hires who will guide banks and credit unions through the intensive, often complicated process to provide marijuana-related businesses financial solutions.

• Dean Odle, PayQwick's Head of Financial Institutions, is a seasoned banking and credit union leader. He builds partnerships with banks and credit unions that are interested in serving the cannabis industry.
• Prema Wargo, Head of Financial Institution Strategy, provides technical and operational guidance for PayQwick's expanding business and compliance objectives. Prema has extensive technology management experience building eCommerce and commercial banking platforms for global and community banks.

PayQwick CEO Bob Craig shares, "PayQwick spent over five years building scalable technology to normalize treasury operations for cannabis operators and MSOs across the US. Now, we're offering banks and credit unions a complete solution to participate in an exciting new industry - without additional risk or expense - building balances and relationships across their communities. I'm thrilled to attract exceptional talent like Prema and Dean to PayQwick's team."

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About PayQwick

PayQwick is committed to the development of financial access for the cannabis industry. Through its comprehensive services, technology platform and strategic partnerships, PayQwick offers cannabis operators and financial institutions compliant treasury solutions to serve the industry. Learn more about PayQwick and its national network at payqwick.com.

Media Contact: Kate Ryan, kate@kateryanpr.com 774.929.5223

Source: PayQwick