Bonita Springs, FL, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Green Check Verified (GCV), the leading fintech provider of compliant cannabis banking solutions and services, announced today it surpassed several key growth goals in 2021, including processing over $1.5 billion in GMV for the year. Among these milestones, GCV increased the number of cannabis-related businesses (CRBs) on its platform by 270% and added financial institution (FI) customers in 10 new states and 2 U.S. territories — bringing its total number of U.S. bank and credit union partners close to 100.
As more U.S. states push for medical and adult-use cannabis legalization, several other states are in the process of expanding their existing programs, and many see the maturing industry entering another boom. With a market that’s projected to reach a hundred billion dollars over the next five years, it’s a pivotal moment for the vastly underbanked, underserved cannabis industry and the financial institutions that want to serve it. GCV has become the de facto leader in building sustainable cannabis banking programs, helping FIs build and scale cannabis lines of business and strategically connect with the vast ecosystem of direct and indirect CRBs that make up the industry.
“The cannabis industry is past its inflection point. Consumer interest has never been greater, and with new state programs launching in 2022, it is only expanding. For emerging businesses to realize their full potential, they need to have the right types of compliance technology, as well as access to sustainable banking solutions and programs,” said Kevin Hart, CEO of Green Check Verified. “On the heels of a record year of growth, GCV has established itself as a trusted partner to financial institutions and all cannabis businesses, and we look forward to being an integral part of helping to drive the industry forward.”
GCV’s significant customer growth in 2021 included a geographic expansion of its services to FIs in new states including AZ, FL, HI, OH, MO, MT, NM, NY, VA, WA and the territories of Guam and Saipan. Among new 2021 customers were national, publicly traded banks and some of the nation’s most reputable financial institutions including Frankenmuth Credit Union, recognized as the Forbes 2020 Best Michigan Credit Union.
“I have been impressed with Green Check Verified’s commitment to excellence,” says Josh Herman, Enterprise Risk Manager of Frankenmuth. “Working with Green Check is a very collaborative and low-pressure process, custom designed to what we wanted in our program.”
Along with customer growth, GCV made significant technology and security investments in 2021 including development of an industry-first account monitoring feature, the launch of its own API to enable FIs to build bespoke cannabis products and service offerings, key integrations with new point-of-sale and inventory tracking systems, and the completion of its SOC-2 audit. These improvements were backed by over $8 million in new funding last year.
“Out of Silverleaf’s 30 investments, Green Check stands out for consistently beating expectations in every metric — sales growth, team development, customer satisfaction, product innovation and beyond,” said Andre Haroche of Silverleaf Venture Partners. “We are a proud investor and anticipate continued industry leadership from Green Check for years to come.”
Additionally, GCV has developed critical new partnerships with companies like Abrigo, a provider of technology for banks and credit unions to manage risk and drive growth, as well as Laika, an end-to-end compliance and audit management solution. The company also added several key executives to the team, including the recent hiring of cannabis banking veteran Peter Su as Senior Vice President.
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.
