Bonita Springs, FL, March 17, 2022 (GLOBE NEWSWIRE) -- Green Check Verified, the leading fintech provider of compliant cannabis banking solutions and services, today announced the expansion of its program management platform, enabling financial institutions (FIs) to oversee the compliance and performance of their entire portfolio of direct plant-touching, hemp and indirect cannabis-related businesses in one unified solution.
As the industry enters its next growth phase, the number of indirect cannabis-related businesses, or businesses that derive revenue from the legal cannabis industry without directly selling cannabis, has grown rapidly in recent years alongside direct, plant-touching businesses. Combined, the legal direct and indirect cannabis markets generate over $100 billion in revenue per year in the U.S.
While offering financial services to indirect cannabis businesses does not require the same level of scrutiny as direct CRBs, they do require enhanced initial and ongoing due diligence, as well as more stringent account monitoring and compliance adherences. Banks and credit unions often work with both direct CRBs as well as indirect and hemp-based businesses. GCV’s platform expansion will greatly reduce the friction of managing these multiple business types while adding increased visibility and oversight into a financial institution’s cannabis portfolio.
“At Green Check Verified, our product roadmap will always be partner driven, meaning that we prioritize new features based on what is happening in the market for the banks and credit unions using our software,” says Mike Kennedy, co-founder and chief strategy officer at GCV. “Given the large number of our partners that are working with — or want to work with — indirect and hemp businesses, we are excited to enhance our platform in a way that will remove the complexity of managing multiple cannabis business types while adding an influx of new opportunities for these financial institutions.”
GCV’s expanded indirect compliance and program management features include dedicated onboarding workflows to capture and review information based on business type and level of exposure to the cannabis industry. The updated platform features provide fully customizable periodic and event-based workflows to request, review and update account information and identify any changes in the customer’s risk rating, and pre-built account reviews to help FIs analyze account activity and detect potentially suspicious activity or patterns. By adding these features to GCV’s end-to-end program management software, clients have a complete, unified solution for cannabis banking as opposed to separate modules, services and methods that have long frustrated those banking the industry.
“For our next large-scale product release of 2022 — the first being a full rewrite of the front-end codebase to provide an enhanced and scalable user experience — we are excited to provide a product that will have a material impact on our partners’ bottom line in 2022, while adding additional relief to their compliance teams,” says Cherie LaFlamme, director of product at Green Check Verified. “We’ve already begun piloting this new functionality to new and existing partners and their excitement is contagious. They truly realize the potential this enhanced solution unlocks for their cannabis programs.”
Green Check Verified (GCV) counts over 100 U.S. banks and credit unions as partners. Over the past year, the company increased the number of cannabis-related businesses (CRB) on its platform by 270%, and expanded its ability to offer FIs bespoke solutions for building their own cannabis products and service offerings.
About Green Check Verified
Green Check Verified (GCV) is a regulatory software and services company founded in 2017 by a team of technology, banking, and regulatory experts. GCV focuses on the intersection between community banking and the emerging legal cannabis industry and aims to provide the services and tools needed to connect these two industries in compliant and profitable ways. For more information about Green Check Verified, visit www.greencheckverified.com.
