A financial services firm that plans to serve the cannabis industry has secured $2 million in financing from the maker of skin care products for cancer patients.
Kind Financial, which hopes to offer merchant and payment services, financing, equity investments and insurance to marijuana companies, inked the deal with a group of investors led by Lindy Snider, the founder and CEO of LindiSkin. Snider has invested in other cannabis companies, according to a release by Kind Financial.
It marks the second round of funding for the company.
Kind said it plans to offer a payment solution for cannabis businesses in the first quarter of this year.
Snider is the daughter of Ed Snider, the chairman of Comcast-Spectator and founder of the Philadelphia Flyers hockey team.
If it’s successful, Kind Financial could add an element to the legal marijuana industry that’s currently lacking.
Most banks won’t do business with companies within the cannabis space as they worry about running afoul of federal banking laws. But things are starting to change as more banks and credit unions are slowly beginning to open their doors to cannabis companies.