Dama Financial Launches CashToTax Solution to City of Sacramento

Dama Financial announces its CashToTax service offering to cannabis businesses in Sacramento, California. The offering was rolled out in February in conjunction with the City of Sacramento Finance Department and the Office of Cannabis Management to provide cannabis businesses with a safe and convenient way to electronically pay taxes and licensing fees.

While shelter-in-place is still in effect due to COVID-19, cannabis businesses are having to wait in line outside of banks to make large cash deposits, thereby increasing risk to both the public and to the individual.

“Cash is inconvenient, expensive, unsafe, and especially high risk for those handling cash during COVID-19. With CashToTax, the City of Sacramento is prioritizing the safety of the cannabis businesses and its citizens, as well as providing cannabis related businesses a new and efficient method to pay their taxes and permit fees,” said Eric Kaufman, Dama Financial Chief Revenue Officer.

A licensed cannabis business with a CashToTax account can arrange for cash to be picked up by armored courier and deposited into a dedicated account for online tax and fee payments, accessible the next business day. The City of Sacramento will cover the cost of one armored courier cash pick up per month per permit holder. To learn more or apply, visit cashtotax.com.

About the City of Sacramento Finance Department:

The City of Sacramento Finance Department Revenue Division is located in New City Hall, 915 I Street, Room 1214. Office hours are from 8:30 a.m. – 4:30 p.m. Monday – Friday.

For questions regarding cannabis business tax, please contact Ranelle Kawasaki at rkawasaki@cityofsacramento.org or (916) 808-1251.

About the City of Sacramento Office of Cannabis Management (OCM):

Find more information about Cannabis Business Operating Permits on the OCM’s webpage at cityofsacramento.org/cannabis  by e-mail at cannabis@cityofsacramento.org or by phone at (916) 808-8955.

About Dama Financial

Dama Financial provides transparent, sustainable banking and payment solutions to cash-intensive industries. Using innovative technology and data, Dama Financial exceeds the compliance and regulatory requirements for servicing high-risk businesses. Payments industry experts have come together to enable the cannabis industry, an unbanked category, to achieve their potential by removing the barriers that exclude them from accessing fundamental financial solutions. For more information, visit www.DamaFinancial.com.