Green Check is a company that specializes in cannabis banking compliance, verifying $1 billion in legal marijuana sales every month through its software. The CEO, Kevin Hart, was inspired to create this software after visiting a medical marijuana dispensary in Oakland and seeing the vast amounts of cash due to federal banking restrictions on cannabis companies. Despite marijuana being legal in many states, it is still illegal at the federal level, making it difficult for dispensaries to access traditional banking services.
Green Check’s software helps cannabis companies prove that they are operating within state laws to banks, allowing them to have access to financial services. The software aggregates inventory, purchase orders, and sales data to ensure compliance with regulations and prevent money laundering. This has helped over 11,000 cannabis companies across the country maintain bank accounts and process payments in a more secure and compliant manner.
The company generates revenue by selling its software to banks that want to work with the cannabis industry, with clients including major banks like Valley National Bank and prominent cannabis companies such as Green Thumb Industries and Curaleaf. Green Check’s compliance engine ensures that only compliant cannabis companies are able to work with banks on their platform, providing a safer and more regulated environment for financial transactions in the industry.
Despite the challenges posed by federal regulations and restrictions on cannabis banking, Green Check has seen significant growth and success in the market. The company has raised substantial funding and continues to attract new clients on a regular basis. Additionally, with the possibility of future legislation like the SAFE Banking Act, Green Check is well-positioned to adapt and thrive in an evolving regulatory landscape for the cannabis industry.
Green Check’s focus on compliance and ensuring that financial institutions work with legitimate cannabis businesses has helped to create a more secure and transparent financial ecosystem for the industry. By providing a bridge between the cannabis industry and traditional banking, the company is helping to legitimize and support the growth of legal marijuana sales in the United States. The success of Green Check demonstrates the importance of regulatory compliance in fostering a more sustainable and secure environment for businesses in the cannabis sector.
