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/2022/01/Bink-app-shot.png
FinTech: Lloyds To Acquire Stake In Loyalty App Bink
January 4, 2022     FinTech, News

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that…

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-22-29-49-Screenshot-Pawson-2.png
Digital Assets: Coinbase CEO Armstrong Said To Have Splurged $133M On Home In LA
January 4, 2022     Digital Assets, News, Real Estate

An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…

https://dailyalts.com/wp-content/uploads/2022/01/47752022922_e4569a2f0e_c.jpg
Alternative Investments/ESG: VegTech Invest Launches Plant-Based Innovation & Climate ETF

VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…

https://dailyalts.com/wp-content/uploads/2022/01/Screenshot-2022-01-04-at-18-48-26-超·世界.png
Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn
January 4, 2022     Artificial Intelligence, News, Venture Capital

Chinese AI company Parametrix.ai has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…