Green Check Verified Announces New Funding as It Expands Cannabis Banking Program Operations in 24 States
Testament to Company’s rapid adoption across the 13+ Billion cannabis industry
New York City, New York - February 9, 2021 - Green Check Verified (GCV), the leading regtech provider of compliant cannabis banking solutions and services, today announced it has closed its latest $2 million Convertible Note Financing and reports that it was oversubscribed bringing the total amount closed to $2.4 million. The round was led by Flatiron Venture Partners and included investments from Bravos Capital, Basecamp Fund and Senior Banking Lawyers & Executives, as well as returning investors Silverleaf Venture Partners and Fenway Summer.
Founded in 2017 by a team of regulatory, banking and technology experts, GCV delivers the technology and advisory services that enable financial institutions to develop compliant, efficient and profitable cannabis banking programs. Since going live in 2019 with its technology and advisory services, the company has seen rapid adoption and is currently operating in 24 states with over 400 cannabis-related businesses on its cloud-based compliance monitoring platform.
This current round of fundraising brings the total investment in GCV to over $5 million. With this new funding, GCV will focus on adding additional product features to its platform, driving awareness around cannabis banking in states with new programs and expanding its national team to support the growing number of FIs entering this space.
“As more states open the door to medical and adult-use cannabis programs — as highlighted by the success of several recent ballot initiatives — the need for access to safe and transparent banking services for this thriving industry is only growing,” says Raj Date, Managing Partner at Fenway Summer. “Green Check Verified has a proven track record of successfully working with banks and credit unions from across the country, and their technology coupled with end-to-end advisory services truly sets them apart as the go-to partner for institutions wanting to build successful cannabis banking programs or improve upon existing ones.”
The global cannabis market is expected to reach $42.7 billion by 2024, according to a January report from Arcview Market Research. With this ongoing momentum and the promising outlook of action out of Washington, GCV is poised to help financial institutions capitalize on this burgeoning industry.
"We at Green Check Verified recognize the massive and incredibly timely opportunity that exists for financial institutions interested in providing compliant banking services to this widely underserved market, “said Kevin Hart, CEO and Founder of Green Check Verified. "Compliance is at the core of what we do, so the banks and credit unions we work with know our focus is not only on helping them build a profitable cannabis banking program, but also one that exceeds regulatory expectations.”
This announcement follows closely after GCV announced a partnership with Laika, an enterprise-ready compliance platform, to provide financial institutions with an extra layer of compliance oversight in the rapidly-growing cannabis banking space. GCV’s rapid adoption is a testament to its focus on excellence and customer experience.
About Green Check Verified
Green Check Verified (GCV) offers a suite of compliant regulatory banking technology solutions and advisory services for financial institutions. Founded in 2017 by a team of technology, banking, and regulatory experts, we focus on the intersection between community banking and the emerging legal cannabis industry. Our goal is to provide the services and technology needed to connect these two industries in compliant and profitable ways. For more information about Green Check Verified, visit www.greencheckverified.com
Caliber Corporate Advisers
Mukesh Kshatriya, CFO
Green Check Verified