The investment follows Green Check’s acquisition of PayQwick, which has been servicing cannabis businesses with payments and lending since 2015
Green Check Verified, a provider of cannabis banking solutions and expert advisory services for financial institutions, has secured $6m in a series A funding round.
The funding will be used to develop its solutions for the US cannabis industry, including lending, supply chain settlements and banking.
Mendon Venture Partners, a venture capital investment firm, led the round.
The funding follows a bumper year for Green Check, including 87% growth in revenue, 55% growth in financial institution clients and 261% increase in cannabis businesses served.
Kevin Hart, chief executive officer and co-founder of Green Check Verified, commented: “We’re excited to continue building a comprehensive financial services ecosystem for banks, credit unions, and cannabis-related businesses.”
Daniel Goldfarb, co-founder and partner of Mendon Venture Partners, added: “Kevin’s vision for the company combined with the regional expansion of the legal cannabis industry and increasing number of financial institutions seeking to service the ballooning universe of cannabis-related businesses makes a compelling investment case.”