Adherence's software platform supports financial institutions with a proprietary risk management scoring model for inspecting, monitoring and reporting on financial and regulatory requirements for marijuana businesses. Currently, state-licensed marijuana businesses do not have access to standard federally-insured credit card or debit card processing and other related services.
"When local banks and credit unions provide monitored access for basic cannabis banking services, overall public safety improves. Banked marijuana businesses score 10 percentage points higher on average than non-banked marijuana businesses. Banked marijuana businesses average three-to-four fewer infractions per inspection than non-banked businesses. Our data illustrates that access to banking services and increased compliance for these types of businesses prevents diversion and improves public safety," said Steve Owens, Founder of Adherence Compliance.
Adherence Compliance has been working with banking partners and financial institutions since 2015. For more information, or to request a copy of the report, please contact [email protected].
About Adherence Compliance
Driven by data, Adherence Compliance is the leading provider of cannabis compliance software, services and data. Clients include banks, regulatory agencies and owners of state-licensed operations.