Avidia Bank Partners With Green Check Verified To Serve Underbanked Cannabis Industry

Green Check Verified, a fintech provider of compliant cannabis solutions and services to financial institutions, announced a continuation of its multi-year partnership with Avidia Bank, a community bank that provides financial services to eight towns in the Boston suburbs.

“Much like any other type of business that we work with, we strive to offer cannabis businesses the best support that we can meet their fundamental banking needs,” stated Nicolas Karmelek, EVP, chief risk officer at Avidia Bank. “This partnership was a no-brainer. We can now rest assured we remain in compliance with state and federal laws and regulations while focusing on what matters to us most: nurturing close-knit relationships throughout the communities we serve.”

The partnership will enable Avidia Bank to scale its cannabis program by automating various tasks, ensuring regulatory compliance, and supporting the banking needs of cannabis-related businesses throughout its communities, including early licenses for firms new to the industry.

“We’re proud Avidia Bank chose us as its cannabis banking partner, and this partnership couldn’t be a more organic fit,” stated Kevin Hart, CEO and co-founder of Green Check Verified. “We are completely aligned on what the cannabis industry needs and how we can fill those gaps together, including at the local level. By partnering with Avidia Bank, we’re confident we can offer more cannabis businesses across Massachusetts the best banking solutions on the market.”

Since launching the partnership with Green Check, Avidia Bank’s cannabis program has grown to serve various types of direct marijuana businesses and many more related businesses, and the bank plans to continue its program to support cannabis businesses of all sizes in its community.

Green Check Verified has now onboarded nearly 150 financial institutions and has nearly 5,000 cannabis-related businesses on its industry-leading platform.

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