Green Check, a fintech provider of compliant cannabis solutions and services to financial institutions, has partnered with Affinity Federal Credit Union.
This partnership empowers Affinity to grow its cannabis banking program and broaden its reach to the legal cannabis-related business (CRB) segment of the communities it serves.
According to June reports, sales from New Jersey's legal cannabis industry, both recreational and medicinal, generated approximately $180 million so far this year.
"Partnering with Green Check reflects Affinity's unwavering commitment toward improving the financial well-being of our communities," Bryan Watkinson, AVP/BSA officer at risk operations, said. "Green Check has guided us in developing and maintaining a compliant CRB community program – from providing us with industry insights and back-end support to offering us a simple risk assessment process and extensive educational resources."
Affinity is a member-owned, community-focused, full-service financial institution headquartered in Basking Ridge, New Jersey, with more than 18 branches throughout the tri-state area.
The firm launched its cannabis banking program earlier this year. It offers banking solutions to a range of CRBs, including dispensaries, cultivators, wholesalers, manufacturers, and ancillary businesses.
Meanwhile, a recent Senate Banking Committee vote to move a cannabis reform bill to the Senate floor marks the first time that Senate members have agreed to consider access to banking and financial institutions for cannabis companies.
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Photo: Courtesy of Tim Foster on Unsplash
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