Hollywood marijuana industry finance firm Kind Financial announced Tuesday that it has teamed up with former bank regulators to introduce software that the firm promises will allow cannabis businesses to remain compliant with bank regulations.
The new software program, called Bankers Link to Cannabis Compliance, provides marijuana businesses with a web-based dashboard in which they can monitor real-time customer and transaction data. It includes technology that tracks and reports sales data and monitors for any suspicious activity, keeping stores compliant with the Bank Secrecy Act, which requires banks to keep track of potentially suspicious behavior.
If Kind’s system works as promised, it could convince more banks to work with marijuana shops, which generally can’t get commercial banking services.
Kind launched the software in partnership with Link to Banking, a Colorado company founded by former Financial Crimes Enforcement Network Assistant Director Tom Fleming and anti-fraud examiner Robert Casares. Kind Chief Executive David Dinenberg’s stated goal is to provide a comprehensive software suite that covers the financial side of cannabis businesses – from “seed to banking.”
In a press release, Fleming said the new software should ease banks’ concerns about federal enforcement actions.
Kind has raised about $2 million in investment capital, with one of the firm’s biggest backers being Lindy Snider, daughter of Philadelphia Flyers owner Ed Snider.