Confia (“Confia” or the “Company”), the leading technology platform for financial compliance, B2B/B2C transactions, and secure banking services designed for the cannabis industry, announced today its expansion to the East Coast, starting with Massachusetts, as the cannabis market continues to grow. Confia operates as the dba for PointChain. The Company is offering its core banking and transaction capabilities to East Coast cannabis operators, and plans to add additional services in short order. The expansion accompanies its launch of new marketing divisions and opening of new headquarters in Irvine, Calif.
The ever-changing landscape of transactional banking for the cannabis industry has propelled Confia’s growth in recent months, where it now has full coverage in California, the world’s largest legalized cannabis market. Utilizing programmatic technology, Confia provides cannabis operators with access to affordable and efficient financial services that support the compliance and transactional complexity of the cannabis industry. With services such as API and web-based capabilities and new transaction features including escrow-based transaction contracts, Confia has created a technology-based ecosystem designed to enable the entire cannabis supply chain.
Following its early success on the West Coast, the Company is expanding to the East Coast market, with the goal of assisting up-and-coming operators looking to scale into new and emerging markets. The Company is beta testing the platform first in Massachusetts before increasing Confia’s service area up to nine states by the end of 2021.
“Confia differs from other banking solutions in that it not only provides access to traditional banking services for cannabis businesses, it leverages an industry leading automated platform that offers a full-suite of transactional-based financial solutions,” said Mark Lozzi, CEO of Confia. “We built Confia with the entire cannabis supply chain in mind, not just as a banking solution. For example, our cutting-edge automated transaction contracts will simplify the flow of funds within the industry, create trust, and instill confidence among cannabis operators transacting with one another. We have worked with some of the largest operators on the West Coast, and with new states coming online every day, we are both excited and humbled to be taking our platform to the East Coast, starting with our beta launch in Massachusetts, and our sights set on Michigan and Florida next.”
Confia differs from other cannabis financial service providers with benefits such as:
- FDIC-insured eligible accounts
- Low-cost, high-limit cash deposits
- Incoming/outgoing ACH & wires
- Check deposits and payroll processing
- Automated compliance filing (SARS/CTRS) and tax payments
- Touchless and low-cost consumer transactions
Confia streamlines complex financial processes for the cannabis industry, addressing both compliance and secure payments in real time. As a licensed money services provider, Confia offers traditional banking and cash management services, bill pay services, unlimited B2B payments, API-powered payment solutions that service both businesses and the consumer, and lending solutions desperately needed in the cannabis space. To learn more about Confia, visit www.confia.io.
