Green Check, a Florida-based company specializing in cannabis banking compliance, has seen a surge in demand as the legal marijuana industry continues to grow. With $1 billion in legal marijuana sales verified every month through its software, Green Check is cashing in on an industry where cash transactions are still predominant due to federal regulations. Despite marijuana being legal in 38 states, federal laws have made it difficult for cannabis companies to access traditional banking services, leaving them to rely on cash transactions for about 75% of their sales.
Green Check’s CEO, Kevin Hart, was inspired to create the compliance software after seeing the challenges faced by state-licensed cannabis companies in securing bank accounts. With a team of cofounders, he developed a software product that aggregates financial data, ensuring that cannabis companies are operating within the rules and regulations set by both the cannabis and banking industries. This software has enabled over 150 financial institutions to work with more than 11,000 cannabis companies, helping them to maintain bank accounts and comply with anti-money laundering laws.
The success of Green Check’s compliance software has attracted the attention of major players in the banking industry, with companies like Valley National Bank and credit unions like Affinity Federal Credit Union using the platform to work with cannabis businesses. Despite the challenges posed by federal regulations, Green Check’s software has provided a solution for banks and cannabis companies to collaborate effectively while ensuring compliance with financial regulations. The company’s software has helped to facilitate transactions and streamline processes for businesses in the cannabis industry.
As the legal marijuana industry continues to expand and evolve, the need for compliance software like Green Check’s is becoming increasingly important. With limited options for cannabis companies to access traditional banking services, solutions like Green Check’s platform are helping to bridge the gap between the cannabis and banking industries. As the industry awaits potential changes in federal regulations, Green Check remains optimistic about the future of its business and the opportunities for growth in the cannabis banking sector.
Despite ongoing challenges related to federal regulations, Green Check continues to expand its reach in the cannabis industry, signing up new businesses on a daily basis. The company’s software has become a vital tool for financial institutions and cannabis companies looking to navigate the complexities of banking compliance in the legal marijuana market. With the potential for changes in federal legislation on the horizon, Green Check is poised to play a key role in shaping the future of banking in the cannabis industry, ensuring that businesses have the tools they need to operate successfully while remaining compliant with financial regulations.
