New Haven, CT – April, 13 – Green Check Verified (GCV), the leading regtech provider of compliant cannabis banking solutions and services, today announced key growth metrics, including an expansion into six additional states, new agreements with leading financial institutions and notable hires, for the first quarter of 2021.
With its expansion into Hawaii, Ohio, Pennsylvania, Colorado, Oregon and Washington, GCV is now providing technology and advisory services that enable financial institutions to develop compliant, efficient and successful cannabis banking programs in an industry-leading 30 states.
GCV reports agreements with 15 leading financial institutions, including several national and regional banks who have joined its growing roster in the first three months of 2021. The company also experienced a significant increase in the number of cannabis-related businesses on its cloud-based compliance monitoring platform, and now serves more than 650 organizations.
“We continue to experience strong and steady growth, and yet we’re still at the tip of the iceberg in terms of the need for expanded cannabis banking services from traditional financial institutions,” said Kevin Hart, founder and CEO of Green Check Verified. “The market value of the global legal cannabis industry is predicted to reach $65 billion by 2027. The companies powering this industry need access to the full suite of modern banking services. Our growing team of regulatory, banking and technology experts is ready to help banks and credit unions that want to serve this market implement highly-scalable and efficient programs that can grow alongside this burgeoning industry.”
The first quarter of 2021 also marked expansion of the GCV team with five new staff members, with additions to its marketing, sales, client support and engineering teams.
“Our recent hires bring more valuable regulatory, banking and technology experience to Green Check Verified as we continue to expand our capacity to serve the growing number of financial institutions entering this market,” said Stacy Litke, Director of Banking Compliance at Green Check Verified. “Our focus is to continue to offer the highest level of service to each of our new partners, and we are investing in our team to maintain this standard even through the accelerated momentum we are currently seeing in the market.”
In the first quarter of 2021, GCV also announced an oversubscribed Convertible Note Financing funding round bringing the amount closed to $2.4 million. Additionally, GCV announced the addition of a robust set of account monitoring tools to its compliance management platform, which allow financial institutions to achieve comprehensive program and relationship oversight, measure customer activity versus peer and historic performance and gain insights that allow for the safe expansion of products and services. These industry-first account monitoring tools are an additional testament to GCV’s innovative and rapid growth and momentum in the beginning of 2021.