Dan Roda is reshaping the cannabis landscape in Arkansas through his strategic initiatives and problem-solving skills. As the chief strategy officer for Natural State Medicinals, Roda transitioned from fintech to the cannabis sector, focusing on enhancing operations for one of the state’s leading cultivators.
Roda’s journey into the cannabis industry began with a dinner conversation in 2016, shortly before Arkansas launched its medical marijuana program. His wife, Elizabeth Michael, encouraged him to actively engage with the emerging industry, questioning whether he would simply observe its development. This sparked Roda’s longstanding interest in cannabis reform, which traces back to his 1995 high school paper advocating for California’s Proposition 215, America’s first medical marijuana law.
At the time of Arkansas’s legalization vote in 2016, Roda was running a solo legal practice in Little Rock, specializing in business formation and fundraising for startups. He quickly became involved in the initial cannabis market and co-founded the Arkansas Medical Marijuana Association, which he later merged with the Arkansas Cannabis Industry Association to form a cohesive trade organization.
Recognizing the critical banking challenges faced by cannabis businesses, Roda co-founded Abaca, a fintech company designed to provide compliant banking solutions for cannabis operators. Abaca, based in North Little Rock, established a secure banking framework for the cannabis industry, allowing operators to move beyond cash-based transactions. Through partnerships with state-chartered banks and credit unions, Abaca offered services such as FDIC-insured checking accounts and electronic payment processing, ensuring transparency in financial transactions. This framework enabled cannabis operators in Arkansas to conduct secure retail and wholesale transactions from the outset of the medical cannabis program.
Roda emphasized the importance of this banking access, stating, “People don’t realize how critical that was. In other states, cannabis operators had to deal entirely in cash.” By providing a compliant banking infrastructure, Abaca allowed Arkansas cannabis operators to avoid many of the issues faced in other states.
Under Roda’s leadership, Abaca grew into a prominent player in multistate banking for cannabis. In 2022, the company was acquired by Safe Harbor Financial, where Roda led a nationwide cannabis lending program that facilitated over $50 million in loans to cannabis and related businesses.
Despite his national role, Roda remained committed to Arkansas, and when the opportunity arose to work with Natural State Medicinals, he embraced it. “After spending the last seven years supporting the industry with banking services and innovation, it’s great to tackle new challenges and work directly with the plant,” Roda said.
In his new role, Roda aims to deepen his understanding of cannabis cultivation and product development. He acknowledges a steep learning curve, stating, “I’ve been able to jump right in and add value in some areas, but there’s so much I don’t know.” His focus includes product strategy, from selecting plant cultivars to enhancing flavor profiles in edibles.
Natural State Medicinals has built a reputation for high-quality, craft cannabis products. Roda plans to expand this foundation while also introducing new categories, particularly cannabis beverages—an area he believes holds great potential for consumer acceptance.
Roda is also committed to improving patient access and education, viewing these as key barriers to market growth. With approximately 110,000 registered medical cannabis cardholders in Arkansas, he sees opportunities to increase enrollment and awareness, especially in rural regions.
As discussions around federal rescheduling of cannabis gain traction, Roda assesses the implications for Arkansas. While he believes that immediate changes would be minimal, he anticipates that improved capital access could lead to significant industry opportunities. He advocates for the repeal of Section 280E of the federal tax code, which currently prevents cannabis businesses from deducting normal business expenses. “Eliminating 280E would instantly improve cash flow for cannabis businesses across the country,” Roda explained.
Reflecting on his career, Roda is proud of his contributions to the Arkansas cannabis industry. He emphasized the importance of stable banking services, which prevented many challenges faced by operators in other markets. Now, as he engages directly with cannabis cultivation, he finds fulfillment in contributing to a sector that provides healing and joy to many. “I get to be part of the process from seed to sale. That’s incredibly rewarding,” he said.
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