Dama Financial by LeafLink

Dama Financial was founded in 2016 by banking and payments veterans to serve cash-intensive businesses in regulated industries. On July 24, 2024, LeafLink, the cannabis wholesale marketplace, announced it had acquired the assets of Dama's banking division, and the service now runs as Dama Financial by LeafLink; damafinancial.com forwards to LeafLink's banking pages. The operator is LeafLink Financial Services, LLC, a fintech and not a bank: deposits are held by First Option Bank and Dart Bank, both FDIC members, and the purchasing credit card is issued by First Option Bank. LeafLink describes itself as remote-first, with New York as its home state.

The Premier Account gives cannabis businesses checking and savings with 24/7 online banking and payments by ACH, wire or check, and each payee is approved through a due diligence review before it can be paid. Cash services include in-store smart safes that validate bills, with deposits generally credited by the next business day after pickup and provisional credit available, plus scheduled armored car pickups, including collection at a buyer's location to settle receivables. Business funding of up to $250,000, working capital, vendor financing and lines of credit come through lending partners, and a payroll partner integrates with the platform.

Applicants need an active state cannabis license or must be pre-operational and in the licensing process; ancillary businesses need no license. Dama does not publish its fee schedule on the open site: a fee is charged on most deposits and includes partner bank fees, while armored courier service and smart safes are quoted by pickup location. Its FAQ says transactions are reported quarterly and that Dama and its partner banks operate under the Bank Secrecy Act. LeafLink itself is listed separately in this directory under Wholesale & Distribution.