Reported about 7 hours ago
MainStreet Bank in Fairfax, Virginia, is betting on cannabis as a solution to its struggling Avenu banking-as-a-service subsidiary. With disappointing revenue results since the 2021 launch, the bank plans to introduce a new app for cashless purchases at cannabis retailers to facilitate growth. Despite challenges such as strong competition and federal regulations, MainStreet is focused on simplifying consumer interactions with a secure, bank-operated platform that could attract clients and increase deposits.
Source: YAHOO