An industry-recognized financial platform for cannabis operators, Abaca and Pacific Valley Bank (OTCMKTS:PVBK) on August 25, 2022, confirmed partnering for expanding access to cannabis banking in the California market.
Trading Data
On Friday, PVBK stock jumped 0.45% to $11.21 with more than 34.40K shares, compared to its average volume of 762 shares. The stock moved within a range of $11.15 – 11.21 after opening trade at $11.15.
Abaca and Pacific Valley Bank Partner to Expand California Cannabis Banking Options
The state had legalized medical marijuana 26 years back but the legal industry now has access to a powerful combination. This includes a bank in line with the California community and a leading cannabis fintech provider with a record of financial services nationwide.
The partnership gives a single point of access for electronic payment services, deposit bank accounts as well as cash management options for cannabis businesses in California.
Anker Fanoe, CEO at Pacific Valley Bank said that Abaca has been a reliable, agile as well innovative industry leader in facilitating connections between financial services and legal cannabis businesses. Fanoe added that Pacific Valley Bank is a community bank serving clients from Sacramento to San Diego for the last two years. The CEO further added that providing discounts with Abaca enables the company to give a one-stop shop for present and future cannabis business customers. He further said that it amplifies work already done as the first FDIC-insured banks in California.
With just a small portion of credit and banks across the country funding the cannabis industry, the cannabis industry is significantly underbanked.
Key Quote
“Abaca has been an agile, reliable, and innovative industry leader in helping connect legal cannabis businesses with financial services,” said Anker Fanoe, CEO at Pacific Valley Bank. “Pacific Valley Bank is a community bank that has been a powerhouse serving the cannabis industry for over two years, with clients from San Diego to Sacramento. Offering accounts with Abaca allows us to deliver a streamlined one-stop-shop for current and future cannabis business customers and to amplify the work we’ve already done as one of the first FDIC-insured banks in California to work with the legal cannabis industry.”
Technical Data
PVBK stock is trading above the 20-Day and 50-Day Moving averages of $11.90 and $11.68 respectively. Moreover, the stock is trading above the 200-Day moving average of $11.87. The company has a total market capitalization of $40 million.
