The cannabis industry continues to get private financial solutions

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The federal government still shuffles its feet on cannabis, but private banking is expanding

The financial ecosystem of the cannabis industry continues to have several restrictions at the federal level. However, this does not mean that the private sector can jump in to lend a hand to all those companies looking to have a better handle on their finances. By acquiring Pay Qwick, Green Check Verified (GCV) aims to be yet another key player in providing solutions to this important sector of the industry.

The leading financial technology provider of cannabis solutions and services recently announced the agreement to acquire PayQwick. Since 2015, that platform has been serving unbanked cannabis businesses with payments and loans, which led GCV to see it as an opportunity that could not be missed. The parties involved in the transaction unanimously approved the deal.

“With PayQwick on board, GCV will be the first company to serve the vertically integrated cannabis industry from businesses to banks, and the only company to ensure that any cannabis business has an opportunity to be properly banked,” stated a press release. It appears that the two firms will complement each other in an ideal way to carry out operations of great benefit to cannabis businesses.

While PayQwick has a direct focus on serving the demand for cannabis businesses, GCV addresses the lack of financial services from banks and credit unions. The combination of the two businesses will be able to serve more than 3,000 operators and around 120 banks and credit unions in 38 states prior to the fall election referendums. Joining forces will mean processing and certifying more than $4 billion annually, representing more than 15% of the nation’s marijuana industry.