back Back

Dama Financial to acquire GrowFlow

By Edlyn Cardoza

January 25, 2022

  • Banking
  • Business Management
  • Cannabis
Share

Dama Financial, Cannabis, Banking, GrowFlow, FinTech, Regulatory, Compliance, USADama Financial, the nation’s largest provider of access to banking and payment solutions for the cannabis industry, has entered into an agreement to acquire GrowFlow Corp., whose business management and compliance tools have processed more than $3.3 billion for cannabis retailers, cultivators, processors, and distributors.

Combining Dama’s FinTech and payment solutions and GrowFlow’s industry-leading software platform will create the most sophisticated, comprehensive solution for cannabis companies, integrating product, operations, compliance, and financial data in a more usable and flexible solution than any current offering in the industry. The highly scalable platform will fulfil the business needs and regulatory obligations of any licensed cannabis business — dispensary or wholesale — everywhere cannabis is legal in the United States.

“With this acquisition we are creating the leading platform for cannabis operators, essentially a one-stop shop for the business tools they need to thrive,” said Anh Hatzopoulos, Dama’s co-founder and chief executive officer. “We created Dama to solve real problems for the industry through innovation, and integrating GrowFlow’s software into our fintech is a huge step forward in that mission. To be successful in the long term, cannabis operators need legal, compliant, forward-looking solutions like Dama’s that don’t skirt restrictions through workarounds, and this sets us up to keep innovating to champion our customers and propel a booming market.”

Cannabis is currently legal in 37 U.S. states and four U.S. territories. The U.S. market is expected to reach $43 billion by 2025, according to New Frontier Data. Dama is the only solution available in every state where cannabis is legalized.

“I could not be more excited about this merging of minds and technologies,” said Travis Steffen, chief executive officer of GrowFlow. “Our leadership teams have nearly identical views of the industry and how it is evolving. Bringing our solutions together will allow us to serve customers in many unique ways and compete on much more than price.”

This quarter, the transaction is expected to close subject to regulatory approvals and other customary closing conditions. Greenhill & Co., LLC is acting as a financial advisor, and Goodwin Proctor LLP is acting as legal advisor to Dama. Cooley LLP is acting as a legal advisor to GrowFlow.

Previous Article

January 25, 2022

DeepTarget expands leadership team with Mark Schwartz as Director of Sales

Read More
Next Article

January 25, 2022

Ezetap promotes CEO, Byas Nambisan to Co-Founder

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

Banking

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 17, 2024

Confida and illimity create new capillary proximity network, Pehi

Read More

May 17, 2024

dLocal expands partnership with Deel to 12 new countries

Read More

May 17, 2024

Dwolla & Visa to enhance Pay by Bank experience for businesses

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023