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July 8, 2021

CT cannabis firm Green Check Verified closes $3M funding round

YEHYUN KIM :: CTMIRROR.ORG Young marijuana plants get 18 hours of artificial light and 6 of darkness at the CTPharma facility in Rocky Hill. An automated drip irrigation system feeds them. Later, they will be transferred to a room with lighting designed to promote flower growth.

New Haven’s Green Check Verified announced Wednesday it had closed an oversubscribed $3 million funding round, a vote of confidence in the firm’s products that help banks and credit unions work with cannabis businesses.

Robert Wolf, the former president and COO of UBS Investment Bank, led the Convertible Note Financing funding round, Green Check Verified said in a statement. Flatiron Venture Partners also led the round, which also included returning investors Fenway Summer Ventures and Bravos Capital. The company’s total fundraising tops $8 million. 

Green Check Verified (GCV) said it would hire more workers with the additional capital to serve new customers drawn by the growth of the legal marijuana industry in recent months. Connecticut legalized recreational marijuana in June, becoming the 19th state to remove some restrictions on the sale and use of cannabis products. 

“It is clear to me that banks will get more and more active in the cannabis sector,” Wolf said. “The cutting-edge technology platform at GCV does the critical compliance diligence to have banks meet the ‘know your customer’ requirements.”

Green Check Verified recently expanded into Hawaii, Ohio, Pennsylvania, Colorado, Oregon and Washington, now providing technology and advisory services to banks in 32 states.

More than 1,000 cannabis-related businesses use the company’s cloud-based compliance monitoring platform. 

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