The legal cannabis industry has been growing tremendously in the last decade. Statistics show that a compound annual growth rate is expected to hit 26.7 percent by 2028. More states are now opting to decriminalize and legalize cannabis. However, due to federal legalization, most banks are unwilling to work with cannabis companies which still creates many problems for many business owners. Even companies with banking access still face problems around payments.
The good news is that there are solutions now to this, but not everyone knows about them. To be clear, Kind Financial and David Dineberg, who’s the Ceo of this company, are leading the forefront of this transformation when it comes to financial solutions for cannabis customers and businesses.
In 2012, David left his real estate business, and as he figured out what his next move would be, he came across a 60-minute episode that revolved around the emergence of medical cannabis, and if you dared cough for a split second, you would have missed out on everything. The most significant part was when they stated that there was no financial structure, no bank, and no use of credit cards in the indsutry. The only available method of payment was cash.
In David’s head he thought: “How could states legalize something illegal at the federal level and not have a complete thought on providing a business backbone for the industry?” By that time, David moved from Philadelphia to Los Angeles, believing that the cannabis industry should conduct business like any other business.
The Come Up
David received tremendous support from his wife. She was the biggest motivator to him and advised him on doing something significant to change their lives. David realized that he could not start a bank; however, he understood that everything was all about data. He knew that if they could package enough data through technology, they could offset some of the bank’s risks.
David tried to start a banking institution, but when things didn’t go as planned, he created the most groundbreaking platform to date, changing the scope of the cannabis industry forever.
About Kind Financial
Kind Financial was founded in 2014 by David as he wanted to help merchants that banks have traditionally declined get approved for payment solutions. Kind Financials company’s software has enabled regulators in real-time to know where and how much cannabis and hemp is grown, processed, or sold. The company, through KindPay, is now providing a platform for the industry to adopt a new historical standard of transparency and safety. This move will help many who have had difficulty with banking in the past.
This company is dedicated to the establishment and growth of businesses in the emerging legalized cannabis industry. Additionally, it is the resource for business owners in all aspects of the cannabis industry to overcome their financial issues in start-up capital, investments, and other financing vehicles to launch a new cannabis business or grow an existing business.
KindPay has made banking and payment safer and more straightforward, bringing an end to the financial challenges experienced for decades in the cannabis industry.
Kind Financial provides financial services from seed to sale tracking software and RegTech for the cannabis and hemp industries. For more information about Kind Financial and financial solutions, click here.