Illinois-based Credit Union 1 (CU1) is strengthening its cannabis banking services by teaming up with leading cannabis banking technology providers, Green Check Verified (GCV).
GCV, a fintech provider specializing in compliant cannabis solutions, announced that CU1 has joined its cannabis financial and business services platform, aiming to enhance and expand its cannabis banking offering.
Existing CU1 customers will transition to the GCV platform, gaining access to a more seamless banking experience and new business service options.
“Credit Union 1 has been on our radar for a long time given its leadership in cannabis banking,” said Paul Chesek, chief revenue officer at GCV. “We are thrilled they are joining our platform, which will greatly streamline their operations, alleviate their compliance burden, and grow the program in their field of membership.”
Headquartered in Illinois, CU1 serves various cannabis businesses across multiple states, making it one of the leading cannabis banking programs in the U.S.
Through the GCV platform, CU1's cannabis members will benefit from a user-friendly onboarding process, ongoing due diligence, and expanded services such as cannabis-friendly insurance, HR/payroll, and payments.
James Thomas, head of treasury management at CU1, emphasized the credit union's commitment to providing better banking services to all, including underserved legal cannabis businesses. He believes the partnership with Green Check, known for its stellar reputation in the industry, aims to upgrade and expand CU1's footprint, closing the service gap for cannabis businesses.
Green Check Verified recently launched the Green Check Connect marketplace, offering a comprehensive platform for vetted, reliable, and cannabis-friendly financial and business services. The platform's intelligent matching technology connects cannabis businesses with suitable service providers tailored to their specific needs.
With nearly 150 onboarded financial institutions and over 5,000 served cannabis-related businesses, GCV continues to lead the industry with its innovative platform.
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