Cogent Bank has partnered with Green Check Verified, a cannabis banking solutions provider, to offer its full suite of products and services to the entire supply chain of businesses within the cannabis banking ecosystem.
With the climate around cannabis banking clearly shifting, more financial institutions are participating in the industry, while financial offerings are being provided to legal cannabis businesses.
Despite progress, these legal businesses still have substantial financial services needs that have not been met.
Cogent is rolling out a program that treats cannabis businesses like any other client. This includes providing deposit and treasury management services and even certain types of loans that have been notoriously difficult to obtain in the industry.
"As more businesses in the southeast look to enter the legal cannabis market, having access to sustainable financial services at established regional banks like Cogent are critical to a company's success," Green Check Verified CEO Kevin Hart told Benzinga.
"Even as federal legalization inches closer towards becoming a reality, that doesn't mean lawmakers will make it any less complex for cannabis businesses. The reality is that even as the climate around cannabis banking softens, we should still expect to see even more rules and regulations in a post-prohibition environment," he added. "By partnering with a highly regarded financial institution like Cogent, we're ensuring that these emerging businesses are both financially supported and legally compliant every step of the way today and in the future."
Cogent's clients can tap into GCV's platform, which serves as a complete, end-to-end program management solution for the bank while reducing the compliance burden placed on cannabis businesses.
GCV counts over 100 U.S. banks and credit unions as customers and has over 2,000 cannabis businesses on its platform.
Photo: Courtesy of geralt and Kindel Media by Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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