HigherGrowth compliance and fintech for the cannabis industry
Carole McCormick, President of HigherGrowth LLC
HigherGrowth, a credit union service organization offers turn-key compliance, digital payments, and banking services to the cannabis industry.
Credit unions and community banks have hesitated adopting cannabis banking programs because the investment in a compliance infrastructure for such programs is large.”
— Carole McCormick
SANTA ROSA, CA, UNITED STATES, October 12, 2021 /EINPresswire.com/ — North Bay Credit Union (“NBCU”) announces continued efforts to bring security, compliance, and technology to marijuana-related businesses (“MRB”) by creating a credit union service organization named HigherGrowth LLC (“HG”), through its partnership with Austin Capital Trust Company (“ACTC”) and MRB Direct (“MRBD”) (Collectively referred to as “HG Platform” or “Platform”).
HigherGrowth will serve credit unions and banks (“FIs”) by providing turn-key compliance, digital payments, and banking services platform to enable FIs to enter or expand into cannabis banking. In addition, HigherGrowth will work directly with MRBs throughout the nation to secure banking and lending access with its HigherGrowth marketplace.
NBCU has been offering cannabis banking services in California since 2017. This newly formed entity will continue that legacy and expand to a nationwide market. ACTC platform provides for efficient access to financial services, digital onboarding, and custody, while MRBD’s API driven technology platform includes AML, KYC, and FinCEN compliance modules, automated workflows, payments solutions, and integrations with state regulators for ongoing monitoring of cannabis operators.
Carole McCormick, HigherGrowth President, says “credit unions and community banks have hesitated adopting cannabis banking programs because the investment in a compliance infrastructure for such programs is large and would require adding staff, equipment and specialized software. With HigherGrowth, that infrastructure can be outsourced to specialists while allowing the institutions to benefit from increased deposits and lending.”
Only a fraction of the nation’s banks and credit unions currently accept cannabis operators