How Dime Community Bank Strengthened Its Cannabis Banking Program with Green Check

The Challenge

• Evolving Regulatory Landscape: Navigating the complexities of cannabis banking regulations. 
• Operational Efficiency: Streamlining onboarding and monitoring processes for MRBs. 
• Market Expansion: Supporting the growth of cannabis businesses in New York amidst expanded legalization efforts. 

The Green Check Solution

Green Check provided Dime Community Bank with the tools and support needed to:

• Enhance Onboarding Processes: Streamlined and maximized efficiencies in onboarding MRB customers. 
• Improve Monitoring Capabilities: Implemented specialized due diligence and monitoring controls. 
• Foster Industry Relationships: Collaborated with CPAs and attorneys affiliated with the cannabis industry. 

“Green Check has been a reliable partner in the cannabis banking space. Through collaborative efforts, we have been able to enhance our cannabis banking program by streamlining and maximizing efficiencies in the onboarding process.” — Aisha Umar, VP – Private Banking Cannabis Team Leader

The Results

• Expanded Client Base: Successfully served a diverse range of MRBs, including dispensaries, cultivators, processors, and ancillary businesses. 
• Improved Compliance: Established a Board-approved Cannabis Banking Policy with specialized due diligence and monitoring controls. 
• Strengthened Community Ties: Enhanced support for local cannabis businesses, fostering growth and stability. 

What’s Next?

• Service Expansion: Exploring opportunities to scale operations and increase production capacity. 
• Product Development: Focusing on developing new cannabis products to meet market demand. 
• Community Engagement: Continuing to build strong relationships with the local community and stakeholders. 

Call to Action

Looking to streamline your cannabis operations and ensure regulatory compliance?
Learn how Green Check can support your business in navigating the complexities of the cannabis industry.