Kind Financial, (formerly KindBanking), the financial solutions platform for the cannabis industry, on Thursday announced that it has secured its second round of funding.
The company, in a prepared statement, said this investment will accelerate its mission to provide the legal cannabis industry with a full platform of financial services including, but not limited to, merchant and payment services, financing, equity investments, and insurance offerings. The company said it plans to launch a payment solution for the cannabis industry in the first quarter of 2015.
"Legitimate cannabis businesses are being denied many of the financial services available to other industries," explained David Dinenberg, founder and CEO of Kind Financial. "As a result of current regulatory measures, most financial institutions such as banks and credit card companies, are reluctant to do business with the cannabis industry.
"Our financial platform will fill this crucial need as the industry continues its exponential growth," Dinenberg said.
The investor group was led by Lindy Snider, founder and CEO of LindiSkin which manufactures and distributes clinically-proven skin care products for cancer patients. This is the latest in a series of investments Snider has made within the cannabis industry including a product designed to safely ship medical marijuana plants as well as an asset management company.