Arizona once had some of the strictest anti-cannabis laws in the United States, but following the legalization of medical marijuana in 2010, laws regarding the substance have lessened. In 2020, ten years following the legalization of medicinal marijuana, voters in the Grand Canyon State motioned to legalize recreational marijuana for adults 21 and older under the Smart and Safe Arizona Act (SSAA).

Following legalization, the cannabis industry in Arizona found a wide berth of popularity, with medicinal dispensaries able to obtain licensing to sell the substance to general adult-use consumers. However, despite this popularity, the Arizona cannabis industry in Arizona still largely operates on a cash-only basis. 

At Confia, we understand the nuances of operating a business in higher-risk and emerging industries in the Grand Canyon State. Confia proudly offers a commerce platform with tailored financial solutions to ensure you can focus on what truly matters – the growth and development of your business in Arizona. 

Understanding the Cannabis Landscape in the Grand Canyon State

Overseen by the Arizona Department of Health Services (ADHS), the cannabis industry in Arizona prioritizes safety for its state citizens over all else. The ADHS is responsible for licensing and regulating cannabis sales, growth, and testing in the state. 

Both medicinal and adult-use cannabis or cannabis-related businesses (CRBs) in the state of Arizona are granted licensing by the Bureau of Marijuana Licensing, a distinct department of the ADHS. The Bureau is also responsible for regulating the medical marijuana market of the Grand Canyon State. It is the Bureau’s mission to monitor the health and safety of both regulated cannabis markets within Arizona, always prioritizing the safety of the public and the state’s citizens when enacting regulatory compliances. 

Confia: Confidence for the Underserved and Underbanked 

In the wake of cannabis legalization, Arizona has made it a primary goal to ensure a regulated market that is safe for consumers and citizens. Although the market is still cash dependent – resulting in its own unique security risks and developmental barriers – there are resources to ensure CRBs and their counterparts thrive while concurrently complying with regulations set by the state. 

At Confia, we understand the specific requirements, nuances, and regulations of the cannabis industry in the Grand Canyon State. Our team of experts is equipped to provide necessary services to underserved, emerging industries. From FDCI-eligible accounts to expanded payment options and compliance assurance, Confia provides the tools and resources required to take your business operations to the next level. 

Our services include: 

• • • Checking and savings accounts
    • Online commerce platform access
    • Payroll assistance
    • ACH payment and origination options
    • Wire services

Proudly setting a new standard in financial services, Confia offers a wholly customizable commerce platform designed specifically for the needs of underserved, higher-risk industries. 

Contact us today to learn more.