Green Check Verified (GCV) announced a partnership with Evergreen Annuity & Life Co., a life insurance and annuity company committed to cannabis financial services. This partnership will allow for the cannabis-related businesses (CRBs) on GCV’s platform to have access to insurance and annuity solutions offered by Evergreen.
The U.S. saw legal cannabis sales grow from $12.1 billion in 2019 to an anticipated $33 billion in 2022. However, life insurance and annuity carriers have remained hesitant to underwrite those in the industry, in part due to cannabis’ status as a Schedule I controlled substance. Through this partnership, existing GCV customers will have access to Evergreen’s suite of products in a compliant and legal manner. Evergreen will now have access to full usage of GCV’s compliance rules engine, ensuring it meets all regulations.
Evergreen is bringing the first cannabis-friendly wealth management products to market using the established state-regulated insurance ecosystem: Giving legacy operators an opportunity to utilize new and innovative wealth management tools to stay competitive, giving marginalized entrepreneurs the means to diversify their assets as well as grow, access and protect their wealth using insurance products, and helping established cannabis businesses offer traditional employee benefits in an easily understood and commonly utilized fashion.
“The cannabis industry has seen tremendous growth in the past year, and with increased access to technology solutions and banking programs like what GCV offers, it will continue to be propelled forward,” said Paul Chesek, Chief Growth Officer of Green Check Verified. “By partnering with Evergreen, we now can offer our CRBs the tools needed to secure competitive insurance and annuity products, ensuring that they will be protected. Moving forward, we will continue to offer these companies the chance to take advantage of other financial services that they typically would not have access to.”
GCV started as a convenient way for cannabis businesses to find a financial institution that was willing to work with them. Over time, the GCV ecosystem has expanded into a much broader set of financial and business services, from their recent acquisition of PayQwik to the announcement of their marketplace initiative. This partnership with Evergreen is a continuation of GCV’s journey to becoming the premier one-stop-shop for all cannabis financial services.
“We are thrilled to partner with Green Check Verified, the only company in the industry that has the right mix of customers, financial institutions, and technology to fulfill our mission of protecting cannabis entrepreneurs and their employees,” said Jasnik Parmar, Founder and President of Evergreen Annuity & Life. “We are committed to taking cannabis financial services to a new high, and GCV is the perfect partner for us to grow our program and empower entrepreneurs while remaining compliant.”
GCV counts 112 US banks and credit unions as partners and is on pace to surpass the number of sales processed within its platform in 2021. GCV was also recently ranked the third Best Place to Work in Fintech in 2022 by American Banker and won the Top Compliance Leader award at this year’s Payments, Banking, and Compliance Conference held recently in Washington, DC.
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