Green Check has announced a new feature that enables access to banking services for licensed cannabis-related businesses (CRBs) operating within Indigenous communities. This update helps to address a gap in financial services available for the growing number of CRBs on Indigenous lands, which has increased by nearly 25 percent since January 2023. Historically, state-issued license requirements have created barriers for financial institutions in serving businesses licensed by sovereign nations.
CRBs with tribal licenses can now onboard seamlessly onto the Green Check platform, expanding access to banking for CRBs on sovereign land. It will include comprehensive regulatory rules in future updates, streamlining the onboarding process, and simplifying access to essential financial services for these businesses.
Stacy Litke, VP of Banking Programs at Green Check said: "While this is just the beginning of our efforts to enhance banking services for CRBs with sovereign nation licenses, we view it as a positive stride in the right direction."
To support this expansion, Green Check enlisted the help of the Indigenous Cannabis Industry Association (ICIA) whose mission is to create opportunities and equity for Indigenous people while empowering their communities through policy, programming, and outreach.
Mary Jane Oatman, executive director of ICIA said: In a landscape where financial institutions often face unique regulatory challenges, it is important to provide tailored support that respects and upholds tribal sovereignty."
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