In the burgeoning cannabis industry, legal yet financially isolated, Green Check’s innovative compliance software is revolutionising the landscape. Despite marijuana being legal in 38 states, federal laws still classify it as illegal, creating a banking conundrum for cannabis businesses unable to access traditional financial services. This has driven the industry to conduct an estimated 75% of its transactions in cash, posing significant logistical and security challenges.

Enter Green Check, a Florida-based company founded by Kevin Hart, which has crafted a solution through its compliance software. This system verifies the legitimacy of cannabis sales by integrating with dispensary payment systems to track inventory and sales, ensuring compliance with state regulations. By doing so, it facilitates partnerships between cannabis companies and financial institutions, helping over 11,000 businesses secure banking services while aiding banks in adhering to anti-money laundering laws.

The company’s software is now trusted by more than 150 financial institutions, including major players like New Jersey-based Valley National Bank. This has enabled a significant portion of the legal cannabis market, processing around $1 billion in monthly sales. Green Check’s strategic alliances, such as with Brinks Security for ATM provision, further highlight its influence in integrating cash-heavy cannabis operations with banking systems.

Looking ahead, potential federal legislation such as the SAFE Banking Act could reshape the financial dynamics of the industry. Yet, Hart remains confident, anticipating that federal reforms would increase regulatory requirements, solidifying Green Check’s essential role in maintaining compliance. In a sector anticipating substantial growth, Green Check stands at the forefront, bridging the gap between state-legal cannabis enterprises and the financial world.

As the cannabis industry grows, reliable financial solutions are crucial. Green Check is helping connect cannabis businesses with banks, paving the way for positive change and a future where cannabis can thrive in the financial system

Source: Forbes