Simplifya Exec John Vardaman: Cannabis and Banking Bring Transparency

SAFE Act awaits passage from the U.S. Senate

Simplifya executive John Vardaman says that the Federal status of cannabis laws make it one of the most transparent industries for banking. Speaking at the Money20/20 Conference in Las Vegas last week, Vardaman noted the irony of the situation. He currently serves as general counsel and chief compliance officer of Simplifya.

“The cannabis industry is one of the most regulated industries in the country, which puts a real burden of compliance on these businesses,” Vardaman said. “And that’s a real benefit for banks. More regulations mean more information, and more information means more transparency.”

Simplifya and Banking Transparency

During a panel discussion, Vardaman said he expects that the Secure and Fair Enforcement (SAFE) Act would provide badly needed protection for banks. The U.S. Senate is currently considering the bill. Therefore, the SAFE Act would help expand on an industry that has relied on Fintech innovation.

Meanwhile, the bill would enable banks to add state-leave cannabis firms around the U.S. as customers without fear of Federal intervention.

“The cannabis industry can become the most transparent industry for banks, because you have more details available into their activity than any other business,” he said. “When banks become aware of that, they can use it to their advantage.”

It remains uncertain if Senate Republicans will pass the bill that cleared the House of Representatives in September.

About Simplifya and Cannabis Compliance

Finally, Simplifya is a maker of cannabis compliance software. In late 2018, it secured a $3 million Series 3 Funding Round. Furthermore, private equity firm Merida Capital Partners led the round.

Based in Denver, Simplifya introduced its web-based compliance tool in Colorado in late 2016. The firm later expanded its services in 2018 to include California, Maryland, Massachusetts, Michigan, Nevada, Oregon, and Ohio.

Related: Are Community Banks an Alternative Asset?

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/01/iran-78829_640.jpg
Digital Assets: Iran Cracks Down On Illegal Crypto Miners
January 19, 2021     Digital Assets, News

Iran, which is facing severe energy shortages during the cold months, has been forced to implement rolling power cuts across the nation. In these circumstances, in a sudden action, police…

https://dailyalts.com/wp-content/uploads/2021/01/reservoir-4730209_640.jpg
Venture Capital: Bill Gates-Backed, CleanTech VC Raises $1B

Breakthrough Energy Ventures (BEV) is a venture capital firm that invests in cleantech. The term describes companies (or technologies) that aim to improve environmental sustainability including the negative impact of…

https://dailyalts.com/wp-content/uploads/2021/01/bitcoin-3083578_640.jpg
Alternative Investments/Digital: The Coinshares Physical Bitcoin (BITC) ETP To Trade On SIX Swiss Exchange
January 19, 2021     Alternative Investments, Digital Assets, News

European digital asset manager Coinshares is launching a new ETP product, the physically backed CoinShares Physical Bitcoin (Ticker: BITC) on the SIX Swiss Exchange today. The ETP enables investors to…

https://dailyalts.com/wp-content/uploads/2021/01/Grab-banner-1.jpg
FinTech: On Rebound From Failed Gojek Merger, Grab Mulls $2B U.S. IPO
January 19, 2021     FinTech, News

Reuters said in an exclusive report on Monday that Southeast Asian ride-hailing, food delivery, and fintech giant Grab was considering a US IPO this year. The news agency quoted three…