Brand Payments Account Setup

OVERVIEW

As a distributor operating on consignment, we do not take title to any product outright, therefore we don’t pay sales tax on cannabis products (that’s passed on directly to your retail partners), and also why we do not pay any brand/vendor invoices. And while we have General Liability coverage at our property, we do not offer Product Liability.

BRAND PAYMENTS BANK ACCOUNT SETUP

Onboarding brand bank account setup

1. Compliance Form

• To get started, we will need you to fill out our Compliance Form. This form requires the following documents:
  • W9 form.
  • Official Bank letterhead provided by your bank or a voided check with a visible account name, account number, and routing number. Please note that the name on the W9 must match the bank account name.

2. First Contact

• We will reach out to you via email once your brand is actively receiving payments and reflected on the Nabis site. At this stage, the Brand Payment team will be monitoring your brand.
• The reach out will come from an of the following email addresses: @nabis.com domain.

3. Verification Call

• After receiving your Compliance Form, we will schedule a call to verify your account and routing number. This step is crucial to ensure smooth transactions. We will also verify if your account accepts ACH (Automated Clearing House) and wire transfers.
• The meeting will be held via google meets by at least one member of the brand payments team with an @nabis.com email address.

4. Payment Threshold

• Your brand will need to have a positive balance (net any fees) on the first remittance before proceeding to the next steps, as stated in the Brand Partner Handbook.

5. Associate Assignment

• Once your brand surpasses the $1,000 threshold, we will assign you an associate who will be your point of contact for any financial and operational inquiries.

CANNABIS FRIENDLY BANKS

• PayQwick: A nonbank financial institution that provides compliant banking and payment solutions to licensed businesses, including cash pickup.
• Canpa: A payment app that allows customers to make cannabis purchases with a debit and credit card.
• Hypur: An electronic payment platform that offers customers a secure, free digital payment option connected to their checking account.
• Dama Financial: A financial service that gives your business access to online banking and cash courier services.
• Timberland Bank: ATMs only available in Washington
• North Bay Credit Union:
  • Qualify for membership if you meet one of the following criteria:
    • Your business is in Sonoma, Marin, Napa or Solano County
    • You’re a member of the California Cannabis Industry Association (CCIA)
    • You’re a member of the National Cannabis Industry Association (NCIA)
    • You’re a member of the Sonoma County Farm Bureau

PAYMENTS TO NABIS

• Please include the following with all EFT and Check payments
  • Invoice # and amount to be applied to the invoice
  • Please instruct retailers to do the same

ELECTRONIC PAYMENTS TO NABIS

• Please instruct retailers to pay our Nabifive, LLC account for fulfillment fees

• 
  Please pay our Siban account for software subscription and onboarding fees

CHECK PAYMENTS

• Please list Siban Holdings Inc. as the payee for subscription and onboarding invoices
• Please list Nabifive, LLC as the payee for fulfillment fees
• Please send check payments to the following address:
  • 182 Howard Street #4, San Francisco, CA 94105