Confia has announced support for the PA Senate’s recent decision to move toward marijuana banking
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Confia (“Confia” or the “Company”), a leading financial technology provider offering best-in-class transaction banking services, proprietary payments network, and financial compliance for the cannabis industry, announced today it stands in support of the Pennsylvania Senate’s passage of the Marijuana Banking Bill.In the Company’s position as an innovative technology platform for financial compliance, B2B/B2C transactions, and secure financial services designed for the cannabis industry in the US, it is absolutely necessary for Confia to be in tune with the latest developments in this promising, rapidly evolving industry.
Mark Lozzi, Chief Executive Officer of Confia said, “Things are changing rapidly and it can be overwhelming to keep up. But what matters in this particular situation is that Pennsylvania is making an important step: better access to financial services translates into lower public safety risk. This is a game-changing decision, one that will help put the right regulations in place to make this a scalable approach for federal legalization in the future.”
The bill will safeguard banks and insurers against penalties under state law for working with state-legal medical marijuana businesses. The PA Senate’s decision is another example of states providing institutions servicing the cannabis market with financial protections.
Confia hopes the continued trend toward decriminalization, legalization and the ability to access banking services will invigorate up-and-coming cannabis operators in Pennsylvania, but also in other states nationwide. Regardless of the pace of marijuana reform and the hesitation standing in the way, even conservative states seem to be more open to it than ever before.
The diversity of financial services it offers to cannabis operators nationwide has already put Confia on the map. Still, the Company is as deeply invested as ever in the future of cannabis legalization in the U.S. and applauds each decision that brings the moment of federal legalization closer.
Lozzi added: “The difference between right now and just a few years ago is almost tangible. Federal prohibition is still in place, but we are certain that more decisions supporting nationwide regulations will be reached in the near future. No longer is this just wishful thinking. These are real steps and we are enthusiastic that we get to witness history in the making.”
About Confia
Confia is a financial technology platform that provides the cannabis industry with financial services, such as deposit and cash management offerings, bill pay services, unlimited B2B payments, API-powered payment solutions that service both businesses and the consumer, and lending solutions. Confia contains ongoing compliance features and supports a trusted ecosystem for cannabis companies to conduct business. To learn more, visit www.pointchain.io.
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