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.
Mmp News Author, Medical Marijuana Program Connection, 01/12/2022 20:03:11