'Working Within The Banking System': Green Check Verified's CEO On The SAFE Act

Benzinga is highlighting nominees for the fifth annual Benzinga Global Fintech Awards ahead of the event Nov. 19 in New York City.

One nominee is Green Check Verified, a provider of regtech solutions for cannabis banking.

Background

Launched in 2017, the New England fintech provides dispensaries with regulatory banking tools.

The firm connects cannabis businesses with financial institutions to mitigate their regulatory burden and compliance risks.

Recent Developments

In September, the U.S. House of Representatives passed H.R. 1595, the Secure And Fair Enforcement (SAFE) Banking Act, which would open the banking system to cannabis businesses. 

The bill was designed to get cannabis cash off the streets, improving tax collection efforts and regulatory oversight.

“We are encouraged by the passage of the SAFE Banking Act by the House. This is a major step in providing legal cannabis-related businesses access to sustainable banking relationships," Kevin Hart, CEO and founder of Green Check Verified, said of the vote.

“We have always seen the value of working within the banking system, not around it. The SAFE Banking Act highlights the importance of ensuring compliance and effective oversight of cannabis activities.”

The bill now must pass the U.S. Senate and be signed by President Donald Trump in order to become law. 

Going Forward

Green Check said it will leverage new regulations and its suite of regtech tools to allow cannabis businesses increased banking and risk mitigation opportunities.

Related Links: 

Cannabis Companies: House's SAFE Act Vote A Milestone, Offers Promise For More Diversity In Sector

Green Check Verified's CEO On Cannabis Regtech: 'Compliance Can't Simply Be Stated As A Mantra'

Photo courtesy of Green Check Verified.