- Staack is a first-of-its-kind challenger bank set to revolutionize the cannabis industry by providing cannabis businesses with digital payments and access to business financing.
- Staack is looking to raise $2 million through a crowdfunding campaign set to begin on November 14th, 2022.
NEW YORK, Nov. 14, 2022 /PRNewswire/ — Adam Harowicz, co-founder and Staack CSO, has been a licensed cannabis distributor since 2018 and knows first-hand the challenges cannabis operators face.
“Currently, cannabis businesses operate with cash because very few financial institutions are willing to risk having them as customers. Regulations are still a work in progress, and it’s just not worth it for bigger banks,” says Adam.
With heavy cash use and manual processes in the cannabis industry, operators lack valuable transaction data, which creates room for errors.
“Cannabis owners are used to having a single source of truth to run their entire business, and that’s usually a cash vault or safe. So money budgeted for one purpose ends up being spent on another,” added Adam.
Staacks are budgets each cannabis business can set based on specific needs. The Staack app is being built with features that make it easier for cannabis businesses to operate in the 21st century.
“The U.S. has made strides in exploring central bank digital currencies and FedNow to enable instant payments, but we’re lagging in overall FinTech adoption when compared to developed and even emerging markets,” says Alexander Harowicz, co-founder and Staack CEO.
Staack is proposing blockchain as an operating system and payment solution for everything cannabis. The Harowicz twins believe that given the market and revenue size and potential for global commerce, cannabis is the perfect industry to test blockchain on a large scale.
The pilot for Staack will launch in New York City in late 2023, and the twin brothers are looking to raise $2 million through equity crowdfunding.
Alexander Harowicz, who worked in private equity for years, highlighted that it’s important to them that Staack is supported by the community, which is the reason for launching a crowdfunding campaign.
Anyone with as little as $100 can invest during the campaign starting November 14th, 2022.
Media contact: Anne-Lyse Ngatta [email protected]
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