Cannabis Businesses with Access to Banking Improve Overall Public Safety

MENLO PARK, Calif., Feb. 15, 2018 /PRNewswire/ -- Adherence Compliance today announced the release of its 2017 Cannabis Operations and Compliance Data Spotlight, which features operational cannabis compliance data and statistics from hundreds of regulatory and financial inspections. Cannabis banking data and statistics are featured as a new section to the 2017 report.

Bulldog Federal Credit Union in Maryland is the latest financial institution utilizing Adherence's Enterprise Compliance Platform and its Adherence SCORE App to inspect, monitor and report on operational risk for marijuana business.

"Our credit union is leveraging the Adherence SCORE App, as well as our Adherence-trained risk analyst as a compliance inspector, to evaluate and routinely monitor the operational risk of businesses who are afforded operational accounts. We can evaluate state, county and city code enforcement requirements for dispensaries, cultivators and manufacturers for enhanced due diligence. We review prior history and active disciplinary actions," said David Barrett, President of Bulldog Federal Credit Union.

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.

Kimberly Goodman; [email protected] (610)308-2293

SOURCE Adherence Compliance