Green Check Verified (GCV),a fintech provider of compliant cannabis banking solutions and services haslaunched Green Check Connect or GCC a new marketplace enabling marijuana-related businesses to find reliable financial service providers.
The idea behind this marketplace is to help cannabis companies with one of their biggest struggles financial, as it connects them with providers that are offering exactly what they need, be itbanking, insurance, lending, payroll, human resources, and cash logistics.
Green Check Connect is an extension of our cannabis banking platform enabling access to a multitude of cannabis-friendly financial and business services,Mike Kennedy, GCV co-founderand chief strategy officer told Benzinga. Businesses using GCC are able to see targeted offers for products and services that would most benefit their current strategies, as well as a full roster of best-of-breed providers covering categories that may be needed in the future.Part Of The Overall Strategy
Kennedy added that the companys compliance and automation platform has been normalizing access to traditional banking products for cannabis-related businesses for a while now, and with the addition of GCCit is unlocking the same value for lending, payments, payroll, insuranceand more.
The GCC marketplace has always been part of our overall strategy, however, we knew it was important to build a foundation of success before branching out, Kennedy said. Thats why weve spent the last 5 years defining the standards for cannabis banking, using data, trust, and transparency as the cornerstones of our approach.
Kennedy highlighted that the companys existing clients can use their accounts to easily acquire additional products and services.How Many Cannabis-Friendly Financial Institutions?
GCC offers the companys roster of financial institution clientsaccess to an expanding number of cannabis-related businesses in need of modern financial and business products and services.
We have roughly 125 banks and credit unions in our network today, along with dozens of ancillary service providers in verticals such as lending, payments, payroll, insurance, logistics, and even accounting and legal service providers, Kennedy explained. Some of the partners wed like to highlight are HUB International, Chicago Atlantic, Paragon, PayNetworx, and SALT, among others.
It is important to note that GCC is an enabler, not an intermediary, which means that the company doesnt stand in a way of the relationships each business creates with its partners. However, Green Check provides automated sharing of business details needed to obtain and maintain services.
Our automation platform helps to handle things such as corporate, legal, and regulatory filings, financial reporting, and peer group comparisons, all while verifying the source of funds being transacted, Kennedy noted. Businesses use our due diligence platform to stay connected with their partners as all ongoing requests for pertinent information/documentation can be standardized directly within Green Check.
Kennedy highlighted the importance of these services.In order for cannabis businesses to be successful, they need access to the same set of services afforded to any other business/industry."
With GCC, cannabis service providers can quickly find their ideal client profile. This is achieved via the utilization of Green Checks access todemographic and performance-related metrics.
Additionally, our automated insights on the factors that may lead to more efficient, compliant, and profitable delivery of each providers offering(s) means theyre able to activate and grow more profitable relationships, concludes Kennedy.The Game Changer
Responses from industry experts are already positive.
As a longtime client, I am thrilled that Green Check is launching a marketplace for cannabis-related businesses like mine, statedRay Pantalena, registered pharmacist and owner of Affinity Health & Wellness in New Haven, Connecticut. Having a centralized marketplace of reputable and fair companies eager to work with cannabis businesses is a game changer for the industry.
Jeff Trammell,chief operating officer at Merchants & Marine Bank and CannaFirst Financial said that with the launch of GCC, Green Check continues to differentiate itself with its focus on growth both its own and its clients. We aim to become the go-to bank in Mississippi for this exciting industry, and we are confident that Green Check Connect will make us more competitive and improve the business health of our cannabis-related clients.
Adam Stettner, CEO of FundCanna in California noted they are excited to be part of this new marketplace from the very start. Gaining access to the right customers will help us more efficiently and effectively serve the cannabis industry and continue our mission of providing fair lending products to businesses that have struggled with this critical business need.
Photo: Benzinga edit with images by NikolayFrolochkin and ganjaspliffstoreuk on Pixabay
