In an onstage announcement at the Benzinga Cannabis Capital Conference on Tuesday morning, Green Check, a leader in fintech for the cannabis market, revealed its collaboration with Payment Alliance International (PAI), powered by Brinks (NYSE:BCO). This strategic alliance aims to offer robust, integrated ATM solutions to cannabis operators, enhancing their revenue protection and compliance.
The partnership was announced by Kevin Hart, founder and CEO of Green Check, during a panel at the Benzinga conference that which delves into the complexities of banking for cannabis businesses.
Bridging Gaps In Cannabis Financial Services
The partnership is a response to the urgent demand for comprehensive financial services within the rapidly growing cannabis sector. By leveraging Green Check's extensive network, PAI seeks to reach a wider range of cannabis operators, providing them with seamless ATM services.
The collaboration supports the expansion of Green Check's financial and business services for state-licensed cannabis companies while simultaneously enhancing financial institutions' confidence in the compliant operations of these businesses.
Unlocking Growth In Cash-Dominant Industry
"Within the more than 9,000 cannabis businesses currently on the Green Check Connect marketplace, our data shows more than 70% of the $7.8 billion processed over the last 12 months was cash-based," said Hart, referring to the predominance of cash transactions in the industry.
"With cash currency still holding the lion's share of transactions in the cannabis industry, it is imperative to have reliable, trusted integrated ATM cash management solutions that support cannabis operators' growth and success. We're excited to partner with PAI to do just that," Hart added, emphasizing the potential of the service announced by the partnership.
With both Green Check and PAI participating in Benzinga's Cannabis Conference in Hollywood, Florida, their alliance marks a pivotal move toward greater transparency and normalization in the cannabis sector.
Read also: Green Check Verified CEO Kevin Hart To Talk Cannabis Banking Revolution On Heels Of $6M Funding Round
The Benzinga Cannabis Capital Conference is happening this week at The Diplomat Beach Resort in Hollywood, Florida on April 16-17. The two-day event is a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis. This conference is the go-to event of the year for the cannabis world.
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