Green Light Verify: Combating Compliance within the Cannabis Industry

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Kirk Barry, Founder & CEO, Green Light VerifyKirk Barry, Founder & CEO
The cannabis industry in the U.S has experienced massive growth since its legalization in California in 1996; medical use of marijuana is now legal in 33 states, while the recreational use is legal in 10 states. A regulated dispensary averages about $ three-million per year in revenue, and the cannabis market is expected to grow at a rate of 21 percent per year between now and 2021. However, the market is predominately self-regulated, and the industry lacks fundamental processes such as standard policies and procedures for operations, compliance, and audits involving risk monitoring. Third-party verification is virtually non-existent. Most dispensaries conduct 92 percent of their business through cash without banking or insurance support. This is where Green Light Verify is carving out a niche; the company provides critical and unique compliance solutions to companies that operate in the cannabis industry. “An effective compliance solution is going to deal a major blow to the black market, trade-based money laundering, diversion, and the legacy cash issue” states Kirk Barry, Founder, and CEO of Green Light Verify.

Green Light Verify’s gamut of compliant solutions is specially designed for insurance companies, the banking industry, and the various regulatory agencies entities that provide products and service to marijuana and cannabis industries. In addition, the company’s comprehensive national database of registered cannabis businesses is available at no cost to government officials and law enforcement personnel working in state and local jurisdictions.

Green Light Verify’s SaaS solution has streamlined the risk management and oversight process so that the current compliance status is available in real time.

Active and effective compliance is going to deal a major blow to the black market

The company offers a completely customizable software solution that encompasses a tracking system, accountability functions, compliance measures, and audit practices—this includes a dashboard where information can be configured and monitored according to the client’s specific needs.“Everything we do is data-centric; Green Light Verify incorporates all the elements of industry compliance in one solution,” adds Barry. With our compliance system in place, real-time notifications are sent to the insurance companies on the compliance status of cannabis businesses using color codes such as green for complaint, yellow for in-need-of assistance, and red for out of compliant. Insurance companies can easily a report and notify Green Light Verify to follow up, thereby creating a robust database with an unalterable record trail.

Furthermore, the company conducts on-site scheduled and surprise inspections at cultivation sites, retail dispensaries, manufacturing facilities, and distribution centers for auditing and compliance purposes. Our robust service and SaaS model strikes at the heart of diversion and minimizes the risks associated with self-compliance. Being able to immediately see their insured’s compliance status and address concerns is critical to monitoring and minimizing risk for the carrier.

A key differentiator of Green Light Verify is its combined 100 years of senior leadership experience in compliance, insurance, and banking operations. The company’s proficiency and expertise in assisting clients of the cannabis industry to achieve or maintain regulatory compliance have helped the firm establish trust amongst many organizations in the industry. In one instance, an insurance partner, in particular, was seeking to enter the cannabis industry, aspiring to address its biggest concerns—risk mitigation and compliance. Green Light Verify’s approach and software solutions gave the insurance partner confidence to enter the cannabis market without the fear of risk due to non-compliance from its clients. Forging ahead, as the cannabis market matures; Green Light Verify is expecting to gain explosive growth in the next 12 to 18 months. “The insurance industry is looking for disruptive solutions such that they can ensure compliance and add to the insurability of the cannabis businesses,” concludes, Barry.