Michael S. Abrams its chief financial officer.
In alignment with the company’s succession plan, Abrams joins Arch’s financial team in the role previously held by Richard Davis. Davis will remain with the company during a transition period, which will end on June 30, after which he will support the company in a consulting role through Dec. 31.
Abrams has more than 25 years of experience as a chief financial officer to numerous public and private companies; principal investor; investment banker; merchant banker; strategic and financial adviser; and board member. His capabilities span a broad range of activities with a particular expertise in the areas of operational management, complex financial engineering, financial advisory and capital markets strategy primarily for companies in the technology and healthcare sectors.
Except if it’s the state’s medical marijuana industry.
Of the 146 banks and credit unions operating in the state, a mere five three banks and two credit unions are banking licensed marijuana operators, and to a limited extent, mainly focused on deposit services and cash management rather than loans, according to an industry expert.
Strict and costly compliance measures to ensure institutions don’t run afoul of federal law, which still deems marijuana to be illegal, are a key worry. Also playing a role is a conservative culture within many banks and concerns about offending certain clients, despite a growing public acceptance of the drug.