Banks face different challenges. Outside of the obvious effects of federal prohibition, an active black market still competing heavily for cannabis marketshare state wide, and diversion and looping issues creating pools of illegally generated funds, banks could sure use tools to help decipher which funds are from regulated versus unregulated entities to avoid money laundering issues that have kept many from providing accounts to legitimately state licensed cannabis operators.
The partnership between NCS Analytics and The California Cannabis Authority (CCA), a Joint Powers Authority, is intended to help local regulatory bodies and banks track and trace dollars through the supply chain in participating counties and locals based on data analytics.
The idea for a solution began with Adam Crabtree, Founder and CEO of NCS, a Colorado native, mathematician hobbyist, and banker by training.
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