NatureTrak, a Sacramento-based software company, has signed up its first bank for cannabis validation. The company’s software helps banks and credit unions validate that their customers are in compliance with state law.

The naturetrak login is a company that provides financial software for banks. NatureTrak has signed up a bank to help validate cannabis companies.

Sacramento-financial-software-company-NatureTrak-signs-up-bank-for-cannabis

 

NatureTrak Inc., a Sacramento-based financial technology software firm, has engaged a New Mexico bank to utilize its monitoring software to verify cannabis-related business deposits. According to Jontae James, CEO and creator of NatureTrak, it is the first bank to utilize the product, but many more are in the process, with another scheduled to sign a contract next week. “As more states legalize medicinal and adult-use cannabis, the cannabis business is growing and will continue to do so,” James stated in a press release.

NatureTrak is an accounting and monitoring solution that allows financial institutions to produce an auditable supply chain record for its legal cannabis company clients. North Bay Credit Union of Santa Rosa has used it to verify more than $2 billion in cannabis-related transactions, including $700 million in cash deposits and $250 million in tax payments, according to NatureTrak.

Southwest Capital Bank, a 131-year-old bank with six locations in Albuquerque, New Mexico, is the new bank customer. According to the Federal Deposit Insurance Corporation, the bank had assets of $414.9 million as of June 30.

In 2018, California legalized recreational marijuana for adults, and New Mexico followed suit this year. However, since marijuana remains illegal under federal law, banks, credit unions, and brokerages — all of which are regulated by the federal government – risk losing their licenses to operate if they accept money directly related to cannabis without a thorough audit trail.

The NatureTrak software searches state and local databases for licenses and verifies that they are valid for the transactions in progress. It also generates receipts for growers, processors, distributors, and ultimately sales. All of those receipts, in turn, are intended to establish an audit trail that would allow additional financial institutions to finance cannabis-related companies, which are now shut out of the financial system due to federal legislation making recreational cannabis illegal. The bank or credit union pays NatureTrak for its software. The money has a provenance thanks to all of the monitoring, verification, and record-keeping, which may assuage the federal government’s main worry about money laundering.

New Mexico Governor Michelle Lujan Grisham approved a bill earlier this year making adult-use cannabis legal for up to two ounces. In 2007, the state approved medicinal marijuana for compassionate use. In 2018, Albuquerque, New Mexico’s biggest city, decriminalized cannabis possession of less than one ounce.

 

The abaca bank is a financial software company in Sacramento, CA. NatureTrak has signed up the bank for cannabis validation.

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