Green Check Verified (GCV) announced deal terms, unanimously approved by both boards, to acquire PayQwick, which has been successfully servicing underbanked cannabis businesses with payments and lending since 2015. With PayQwick on board, GCV will be the first company to serve the vertically integrated cannabis industry, from businesses to banks.
Green Check Verified addresses the lack of financial services from banks and credit unions, while PayQwick focuses more directly on serving the demand for cannabis businesses. The combined entity will serve over 3,000 cannabis operators and over 120 banks and credit unions in 38 states before the fall election referendums. Together, they will be processing and certifying more than that $4 billion annually, representing over 15% of the US cannabis industry.
“From the beginnings of our conversations with PayQwick, we quickly realized how much our companies had in common and how we could unite 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 building enterprise-class solutions will be made evident.”
The announcement of the pending deal, expected to close in Q4 2022, was made at the PBC Conference today by Joshua Radbod, where he introduced Hart and Bob Craig, CEO of PayQwick, who shared the news live onstage to more than 500 attendees.
Craig added: “The combination of our teams and the application of our complementary technologies provide a comprehensive ecosystem for banks, credit unions, cannabis, and ancillary businesses. Our infrastructure will facilitate more than just compliant deposits and payments, as it will permit real-time transactions that include lending, supply chain settlements, and banking solutions not previously available to the cannabis financial community.”