Cogent Bank, a full-service financial organization (FI) and one of the leading banks in the southeastern U.S. region, announced a partnership with Green Check Verified (GCV), the leading fintech provider of compliant cannabis banking solutions and services.
Through this partnership, Cogent plans to supply its 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 shifted.
Not only are more FIs participating within the industry, but the financial offerings being provided to legal cannabis businesses are still expanding. Despite progress, these legal businesses still have substantial financial services needs that haven’t been met.
Cogent is providing an answer by rolling out a program that treats cannabis businesses like any other client. This includes providing deposit and treasury management services and even certain loans that have been notoriously difficult to obtain in the industry.
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“Innovation, an entrepreneurial spirit, and therefore 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 identical financial services as others. We are committed to being a financial partner to businesses during 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 that are excited about the innovative offerings from an establishment of its size.
Now Cogent’s clients can tap into GCV’s platform, which is a complete, end-to-end program management solution for the bank and 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 succeed in this industry,” says Hartman.
“The company’s flexibility in working with clients who utilize a good variety of POS systems allows us to monitor transactions easily and feel comfortable in our clients’ compliance with state regulations.”
Given the various compliance and regulatory obligations for FIs serving the industry and an ever-shifting regulatory environment, utilizing financial technology has become necessary to work with this niche market safely, effectively, and in a scalable way.
“Green Check views itself as a real partner to the financial institutions we work with and that we are always enhancing our products and services to meet their needs,” said Kevin Hart, CEO of Green Check Verified.
“This may be 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 figure in Fintech in 2022 by American Banker, a gift that recognizes and honors the best employers in the financial technology industry today.
About Green Check Verified
Green Check Verified (GCV) may be a regulatory software and services company founded in 2017 by a team of technology, banking, and regulatory experts.
GCV focuses on the intersection between community banking and the emerging legal cannabis industry and aims to provide the services and tools needed to connect these two industries in compliant and profitable ways.
About Cogent Bank
Cogent Bank may be a state-chartered bank that has operated as a full-service business and personal bank since 2001. With over $1 billion in total assets, Cogent offers multiple banking centers in North, Central, and Southwest Florida.
Cogent offers a broad range of lending, depository, treasury management, and mobile banking services designed to satisfy its clients’ complex and diverse needs while staying focused on the local communities it serves.
Cogent believes that banking is personal and requires high-touch, innovative services designed to make managing financial transactions easier. Cogent pairs its financial expertise with a passion for learning more about its clients’ goals and objectives.