Shield Compliance Raises $5 Million Series A Funding, Brings Compliant Cannabis Banking to New States

A growing number of financial institutions are using Shield Compliance to gain a first-mover advantage on new marijuana-related business (MRB) customers. Ohio, which has a robust medical marijuana program, may only have two financial institutions serving this market. While increased competition will result in lower fees for MRBs, the costs to financial institutions serving these customers will remain relatively unchanged. SEATTLE–(BUSINESS WIRE)–November 19, 2019– Shield Compliance (https://www.shieldbanking.com/) has signed new agreements to provide its compliance management platform to financial institutions serving legal cannabis markets in Colorado, Illinois, Massachusetts, Michigan, Ohio, and Washington. As a result, many bankers are seeking to improve the efficiency of their compliance efforts as they launch new cannabis banking programs.