Bonita Springs company passes $1B in monthly cannabis deposits

A Bonita Springs-based financial services and software provider for cannabis-related business has passed a milestone, marking $1 billion in monthly cannabis sales deposits in the third quarter. Green Check, which was founded in 2017, has now served more than 11,000 cannabis-related businesses (CRBs) on its platform, the company says in a statement.

"We’re thrilled with what we've accomplished this quarter and look forward to the opportunities ahead," Green Check CEO and founder Kevin Hart says in an Oct. 8 statement. "Our growth underscores the need for CRBs to be connected with the right financial and business service providers, while our expanding base of financial institutions demonstrates the demand for compliant banking solutions.”

Green Check has a network of more than 170 financial institutions across the nation and added new financial institution clients in the third quarter in nine states, the statement says.

The company has also partnered with other organizations to offer additional resources for cannabis businesses, including expanding access to lending with cannabis rating agency CTrust and financing firm Coda Capital as well as providing a cannabis 401(k) solution through a partnership with North American Companies Council, Green Check says in a statement.

In the third quarter, the company also released expanded access to insights into the cannabis industry and launched a new feature enabling banking for CRBs offering within sovereign nations, helping cannabis businesses on indigenous lands access financial services.

Says Hart: “Through every partnership and product update, we’re committed to equipping financial institutions and CRBs with the right tools, technology and teams to find success in the industry and make a positive impact in their communities.”