Green Check Verified’s acquisition of Komplyd to reshape Cannabis FinTech landscape
Green Check Verified, a compliant cannabis banking solutions firm, has acquired Komplyd, a compliance-as-a-service platform targeting the cannabis industry.
The key motivation behind this acquisition is to enhance Green Check Verified’s ability to integrate further with seed-to-sale (S2S) technologies, in order to better connect the supply chain of the plant with the supply chain of commerce. This move is seen as crucial for the future of interstate and international cannabis commerce. The financial details of the acquisition were not disclosed.
Green Check Verified, founded in 2017 by a team of technology, banking, and regulatory experts, is changing how cannabis businesses and financial institutions work together. They offer leading technology and advisory services to over 130 financial institutions and more than 4,000 cannabis-related businesses.
Komplyd, on the other hand, is the first compliance-as-a-service platform built specifically for businesses in the cannabis industry. It provides a service that ensures business applications are compliant with regulatory requirements.
The integration of Komplyd into Green Check Verified’s platform promises to enhance data connectivity and insights for cannabis operators. This follows Green Check’s recent acquisition of PayQwick and the launch of their cannabis business services marketplace, Green Check Connect, in January 2023.
This deal comes amidst other significant developments for Green Check Verified, such as a successful $6m Series A funding round led by Mendon Venture Partners and recognition on the Forbes Cannabis 42.0 list in April of this year.
Green Check Verified Chief Strategy Officer Mike Kennedy said, “The addition of Komplyd to the Green Check suite will complement the existing data sources within our platform. Partnering with Komplyd enables a much deeper level of data connectivity, providing an insight-driven, integrated experience for the cannabis operators on our platform and offering greater value to our marketplace providers and financial institution clients.”
Komplyd CEO Rose Elliott said, “Together, Komplyd within Green Check Verified will equip cannabis business leaders with the financial services and technology platforms they need to move the industry forward. We’re proud to join the Green Check Verified family and combine our core data and technology capabilities with Green Check’s existing ecosystem in the cannabis space.”
