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BONITA SPRINGS, Fla. July 27, 2022 –PRESS RELEASE–
Cogent Bank , a full-service financial institution and one of
the leading banks in the southeastern U.S. region, today announced a
partnership with Green Check Verified, a fintech provider of compliant
cannabis banking solutions and services. Through this partnership, Cogent plans
to offer their full suite of products and services to the entire supply chain
of businesses within the cannabis banking ecosystem.
As
the cannabis industry matures in Florida and federal legalization efforts
continue, the climate around cannabis banking has clearly shifted. Not only are
more FIs participating in the industry, but the financial offerings being
provided to legal cannabis businesses continue to expand. Despite progress,
these legal businesses still have substantial financial services needs that
have not been met.
Cogent
is providing a solution by 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.
“Innovation,
an entrepreneurial spirit, and the desire to help underserved businesses have
always driven the initiatives at Cogent Bank,” says Chris Hartman, Chief
Deposit Officer at Cogent Bank. “The cannabis industry is rapidly growing, and
businesses need the same financial services as others. We are committed to
being a financial partner to businesses in this space, and our partnership with
Green Check gives us tremendous confidence as we grow this program.”
Cogent
has already experienced significant interest in its program from regional
cannabis businesses who are excited about the innovative offerings from an
institution of its size. Now Cogent’s clients can tap into GCV’s platform,
which not only serves as a complete, end-to-end program management solution for
the bank, but also greatly reduces the compliance burden placed on cannabis
businesses.
“Green
Check is the leader in this space, providing a platform and oversight for
Cogent to be successful in this industry,” says Hartman. “The company’s
flexibility in working with clients who utilize a wide variety of POS systems
allows us to easily monitor transactions and feel comfortable in our clients’
compliance with state regulations.”
Given
the numerous compliance and regulatory obligations for FIs serving the
industry, as well as an ever-shifting regulatory environment, utilizing
financial technology has become necessary to effectively work with this niche
market in a safe, effective and scalable way.
“Green
Check views itself as a true partner to the financial institutions we work
with, and we are always enhancing our products and services to meet their
needs,” said Kevin Hart, CEO of Green Check Verified. “This is a pivotal moment
in the growth and evolution of our company, and we are excited to work closely
with Cogent’s team as they expand their service offerings into this growing
sector.”
GCV counts over 100 U.S.
banks and credit unions as customers and has over 2,000 cannabis businesses on
its platform. GCV was also recently
ranked the third Best Place to Work in Fintech in 2022 by American Banker,
an award that recognizes and honors the best employers in the financial
technology industry today. ]]>