Cannabis Banking Solutions Provider Green Check Verified Raises $3M With Investors Flatiron Venture Partners, Robert Wolf And Others

Green Check Verified (GCV) announced Wednesday it has completed an oversubscribed $3 million convertible note financing with lead investor Flatiron Venture Partners. The round was also backed by a new investor Robert Wolf, founder of 32 Ventures and ex-chairman and CEO of UBS Americas. Fenway Summer Ventures and Bravos Capital were also involved.

This milestone pushes GCV’s total financing up to more than $8 million to date. In February, the cannabis banking solutions company reported another $2.4 million convertible note financing.

Headquartered in New Haven, the company plans to use the new funding to back this year’s stream of new financial institution partners, but also to advance its current offering. 

“Flatiron was eager to lead this round as we truly believe in the potential of Green Check Verified - which comes into play as legislation like the SAFE Banking Act passes,” Tamara Totah, CEO of The Flatiron Group stated. “GCV's technology is complementary to and necessary for forward-looking legislation as it decreases the burden of continual, ongoing diligence required for banking high-risk entities. Over time and with eventual federal legalization, banks both big and small, as well as credit card companies and other regulated financial institutions, will need compliance functionality - and GCV is the only software that can handle AML on a per-transaction basis.”

Robert Wolf added that he is thrilled to back the company.

“As a former financial services executive, it is clear to me that banks will get more and more active in the cannabis sector and the cutting-edge technology platform at GCV does the critical compliance diligence to have banks meet the know-your-customer requirements,” Wolf said in a statement.

Reaching All States With Legal Cannabis Programs 

Since its launch in 2017 by a group of banking, regulatory and technology professionals, GCV now has more than 1,000 cannabis-related companies on its cloud-based compliance surveillance platform. The regulatory technology provider of cannabis banking solutions recently reached Hawaii, Ohio, Pennsylvania, Colorado, Oregon and Washington. It now offers its services across 32 states.

Kevin Hart, founder and CEO of GCV, noted that they'd never before received this much attention from financial institutions.

“We plan to be in all states that have legal cannabis programs by the end of the year, and this investment is going to help us capitalize on the massive market opportunity we have right now. The tremendous knowledge, experience and extensive networks of our investors also will help us to expand and accelerate our product roadmap,” Hart concluded.

Photo: Courtesy Of Green Check Verified