BONITA SPRINGS, FL, Sept. 07, 2022 (GLOBE NEWSWIRE) — Green Check Verified (GCV), the leading fintech provider of compliant cannabis solutions and services to financial institutions, today announced the terms of the agreement, unanimously approved by both boards, to acquire PayQwick, which has been successfully serving underbanked cannabis businesses with payments and loans since 2015. With PayQwick on board, GCV will be the first company to serve the cannabis industry. vertically integrated cannabis business to bank and the only company to ensure that any cannabis business has the ability to be properly banked.
Green Check Verified addresses the lack of financial services from banks and credit unions, while PayQwick focuses more directly on meeting demand from cannabis businesses. The combined entity will serve more than 3,000 cannabis operators, more than 120 banks and credit unions in 38 states ahead of the fall election referendums. Together, they will process and certify over $4 billion annually, representing over 15% of the US cannabis industry.
“From the start of our conversations with PayQwick, we quickly realized how much our companies had in common and how we could come together to help innovate the cannabis banking industry,” said Kevin Hart, CEO of Green Check. Verified. “In the past, we have approached the challenge of cannabis banking from two separate directions, but now, by converging, our shared passion and commitment to creating enterprise-class solutions will be on display.”
The announcement of the pending agreement, which is expected to close in the fourth quarter of 2022, was made today at the PBC conference by Joshua Radbod, where he introduced Hart, and Bob Craig, CEO of PayQwick, who shared the news live on stage with over 500 attendees.
Craig added, “The combination of our teams and the application of our complementary technologies provides a complete ecosystem for banks, credit unions, cannabis and ancillary businesses. Our infrastructure will facilitate more than just compliant deposits and payments, as it will enable real-time transactions that include lending, supply chain settlements, and banking solutions not previously available to the cannabis financial community. .
About Green Check Verified
GCV, formed in 2017, has over 50% of active banks and credit unions serving thousands of unique cannabis businesses GCV was also recently ranked as the third best place to work in Fintech in 2022 by American Banker, an award which recognizes and honors the top fintech employers today.
About PayQwick
Since 2015, PayQwick has been providing banking services to the cannabis industry in the largest state cannabis markets. Years of compliant experience, technological innovations and teams of industry experts deliver streamlined services, including loan and payment processing, to everyone in the supply chain: growers, manufacturers, distributors, retailers and ancillary operators. PayQwick also offers financial institutions the option to outsource their cannabis banking services, allowing them to leverage the people, processes and technology offered by PayQwick to serve their local and national cannabis businesses.