Shield Compliance, a compliance management platform for cannabis banking, announced a partnership with Oklahoma State Bank (OSB) to improve the functionality and scalability of its cannabis banking program.
Under the agreement, OSB will implement Shield’s solutions to automate compliance tasks such as daily monitoring, seed-to-sale tracking and reporting, accelerate and improve the customer onboarding experience and will offer digital payments capabilities.
“OSB understands the compliance and operational requirements associated with serving the legal cannabis industry. It also has a deep appreciation for the uniqueness of the Oklahoma medical marijuana market, which is expected to exceed $1 billion in sales for 2021,” stated Shield in a recent press release. “With no cap on licenses and no qualifying conditions for patients, nearly ten percent of Oklahoma residents hold medical marijuana cards. In other states with legal medical marijuana programs, patients are typically just one or two percent of the population.”
David Hardy, president and CEO of OSB said they selected Shield Compliance to better meet the growing demand for cannabis banking services and to improve their ability to serve the volume and diversity of Oklahoma’s license holders, “from independent operators to those with more complex ownership structures. Based on our thorough review of their capabilities, we are confident Shield Compliance will enable us to maintain the highest levels of compliance while delivering an exceptional experience to our customers,” Hardy said.
Shield Assure aggregates financial institutions’ transaction data and demographic records with restricted and publicly available information from state and local governments, seed-to-sale tracking, and client financial statements.
“As one of the pioneering financial institutions providing cannabis banking services in Oklahoma, OSB is very knowledgeable about the compliance requirements of this industry and the functionality necessary to deliver an effective program,” said Tony Repanich, president and COO of Shield Compliance. “We are very pleased to be selected by OSB to improve its data collection and SAR reporting processes while enabling it to continue to scale its program as federal and state laws evolve and more competition enters the market.”
Photo by Alan Villegas on Unsplash.