Regent Bank

The growing legalization of marijuana has driven a meteoric rise in the retail cannabis industry. However, law-abiding businesses continue to struggle with banking and payment processing as laws differ from state to state.

Supporting cannabis businesses to overcome this hurdle with its compliance-driven program is Regent Bank. Its unrivaled agility and technology expertise enables Regent to mitigate the challenges of the numerous cannabis businesses across the U.S., helping them reliably have access to safe and sustainable banking solutions. Further strengthening these competencies is its partnership with Green Check Verified, a cannabis technology compliance company with a rules engine that allows Regent Bank and its clients to stay up-to-date with the latest state laws.

"We onboard cannabis businesses in a highly compliant manner, creating each profile, integrating the point-of-sale, and syncing banking activity on one platform to verify sales and compare deposits,” says Keri Cain, senior vice president and director of special programs of Regent Bank.

Unlike its contemporaries, who may take up to two months to open a cannabis business account, Regent Bank does it within two weeks as soon as all required documents have been received. Once an account is approved, the CRB team works with the client to integrate their point-of-sale (POS) system. Although they work with many companies, Alleaves is a preferred partner because they offer highly customizable and adaptable solutions for businesses of all sizes, which echo’s Regents individualized approach.

Regent Bank uses Green Check Verified to integrate with the cannabis business’s POS, allowing for greater transparency and reliability across a client’s sales. This important step should reassure the client that they are a part of a secure cannabis banking program designed to last.

"This is where our compliant technology comes in because we can marry a client's sales with banking activities and attest to any regulator that the deposits are not outpacing the sales," states Steve Baker, executive vice president and chief administrative officer of Regent Bank.

This year at the cornerstone convention of compliant cannabis banking, the PBC Conference, Keri Cain was named 'Banker of the Year', but she credits her entire team for the award. “Banker of the Year is an unexpected huge honor that belongs to my team and every person at Regent Bank. Our CRB program doesn’t exist in a silo and it takes all of us to be successful. Not only that, but I have the best team in the industry, along with the best cannabis clients across the nation,” Keri shared.

An organization dedicated to addressing the principal payments, banking, and compliance challenges in the cannabis industry, Regent Bank is poised to continue supporting an industry-wide transition of cannabis businesses into compliant, efficient, and secure banking services.