Dama will leverage the new round of investment to accelerate its already impressive growth, continue to address the lack of financial service products being offered to the cannabis industry, recruit top talent, and scale the business with the backing and support of its investors.
CALIFORNIA: Dama Financial, the premier provider of access to banking and payment solutions through its FDIC-insured banking partners for the rapidly growing legal cannabis industry, today announced the completion of its $12.6 million Series B funding round, bringing Dama’s total funding to approximately $24 million to date. The round was led by a group of strategic new investors. Currently serving over 7% of the legal cannabis businesses in California, operational in 12 states and with over 50,000 consumers with digital wallets in the United States, Dama has processed over $2 billion in transaction value since inception.
“In one of the fastest-growing industries in the world, Dama is bringing desperately needed financial services to businesses and consumers alike that are safe, secure, compliant and efficient,” said Anh Hatzopoulos, CEO and Co-founder at Dama. “We have spent four years building a platform to enable safe, compliant financial services for cannabis businesses and now is the time to take Dama to the next level.”
“Dama has brought together the right team and technology that will position them as a clear payment solutions leader in the cannabis industry for years to come,” said Dan Englander, of Ursula Investors. “Dama continues to innovate solutions for the serious payments problems faced by the industry and we are excited to see that accelerate. ”
Since November 2020, six new states have passed legalization measures for cannabis and a record-high percentage of Americans now support legalization. The cannabis industry is one of the fastest-growing in the world with the global cannabis market expected to hit $47 billion and U.S. sales of legal cannabis expected to quintuple by 2025. According to Arcview Research, legal cannabis sales in 2019 grew by 46% to $14.8 billion, which represents the highest annual rate of growth to date. Dama’s payment solutions solve complicated banking problems for cannabis dispensaries and facilitate seamless consumer transaction at mobile points of sale.