Mendon Venture Partners Invest in Cannabis-Focused Payments Platform
Mendon Venture Partners, a venture capital investment firm focused on the intersection of innovative technology and traditional banks, recently announced an investment in Green Check, a cannabis-focused payments platform.[0] The investment was led by Mendon Venture Partners BankTech Fund, which is dedicated to investing in technologies that predominantly serve incumbent regional and community banks across foundational pillars of financial services including big data/analytics, automation, payments, core banking/processing, and risk/compliance.[1]
In a statement, Mendon Venture Partners co-founder and partner Daniel Goldfarb said, “To invest, we need to see strong management, company potential, and opportunity for total market growth, and Green Check meets and exceeds our expectations in every category. Kevin’s vision for the company combined with the regional expansion of the legal cannabis industry and increasing number of financial institutions seeking to service the ballooning universe of cannabis-related businesses makes a compelling investment case.”[0]
The investment comes on the heels of increased legalization of cannabis in the United States, with states such as New Jersey and Washington leading the way. In New Jersey, the first black, woman-owned cannabis dispensary Legally Rooted opened its doors recently, and in Washington, the state Senate passed a bill to protect most job applicants from being discriminated against for using marijuana outside of the workplace.[2] The bill, SB 5123, sponsored by Sen. Karen Keiser (D-Des Moines), would only apply to pre-employment cannabis testing and would not apply to applicants in the airline and aerospace industries or applicants for positions requiring federal government background investigations or security clearances.[3]
In addition to the legal developments, a study presented at The Pregnancy Meeting, the annual meeting of the Society for Maternal-Fetal Medicine, found that early pregnancy use of exogenous cannabis is associated with adverse pregnancy outcomes.[4]
The cannabis industry is evolving rapidly and Marijuana Moment’s daily dispatch provides an up-to-date source of cannabis business news updates. Make sure to subscribe to get Marijuana Moment’s daily dispatch in your inbox. Additionally, Cannabis Industry Journal publishes news and resources on the cannabis industry.[5]
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0. “Green Check Verified nabs $6m to further bridge cannabis and finance” fintech.global, 24 Feb. 2023, https://fintech.global/2023/02/24/green-check-verified-nabs-6m-to-further-bridge-cannabis-and-finance/
1. “Cannabis Banking Technology Leader Green Check Verified Raises …” www.businesswire.com, 24 Feb. 2023, https://www.businesswire.com/news/home/20230222006024/en/Cannabis-Banking-Technology-Leader-Green-Check-Verified-Raises-6-Million-in-a-Series-A-Led-By-Mendon-Venture-Partners
2. “GOP lawmakers tout cannabis poll (Newsletter: February 24, 2023 …” www.marijuanamoment.net, 24 Feb. 2023, https://www.marijuanamoment.net/gop-lawmakers-tout-cannabis-poll-newsletter-february-24-2023/
3. “State senate passes bill that would ban pre-employment cannabis …” mynorthwest.com, 24 Feb. 2023, https://mynorthwest.com/3838085/state-senate-bill-ban-pre-employment-cannabis-tests/
4. “Early Pregnancy Cannabis Exposure Tied to Adverse Pregnancy …” www.channel3000.com, 24 Feb. 2023, https://www.channel3000.com/news/health/early-pregnancy-cannabis-exposure-tied-to-adverse-pregnancy-outcomes/article_529be2a0-82ae-5254-97a7-13cd85f74f2a.html
5. “Vermont Cannabis Regulators Investigating Curaleaf's Ties to …” www.ganjapreneur.com, 24 Feb. 2023, https://www.ganjapreneur.com/vermont-cannabis-regulators-investigating-curaleafs-ties-to-russian-oligarch/
