Hartford Business Journal

HartfordBusiness.com | March 8, 2021 | Hartford Business Journal 21 FOCUS: BANKING & FINANCE being unable to use credit cards for transactions. However, Pantalena, who earned a Connecticut license and opened Affinity Health & Wellness in New Haven in 2019, says that's not how it's played out at all. Affinity has "cashless" ATMs, which are terminals that accept debit cards and allow customers to make an electronic payment where physical money is never involved. Others do pay in cash, but Pantalena said his credit union (which he declined to name) accepts the money and doesn't overcharge for the privilege. One reason a credit union is comfortable banking his business is because Affinity Health is a customer of Green Check Verified, he said. Green Check's regulatory and compliance software gives banks and credit unions full visibility into every transaction made by a marijuana company to ensure there's no extra or missing money or other unusual activity, like pot being diverted or sold after hours. "It's all dialed in, as long as you follow the rules and adhere to all the policies and protocols," Pantalena said. "It's run like a clock." As more states legalize pot, Hart's four-year-old firm Green Check has grown to 18 employees serving financial institutions and their cannabis clients in 24 states. "A year ago, we wanted 50 cannabis businesses on platform by March 2021, but as we sit here today our number will be over 750," Hart said. Green Check is targeting a Series A investment round at the end of this year, he said. While Pantalena doesn't view banking restrictions as any major concern for his business, he is still hopeful the federal government will legalize marijuana. That would make it possible for customers to use credit cards, a payment method that is nonexistent at dispensaries today due to the unwillingness of large credit card companies to allow it. "It'd be nice if some things would change," he said. Jorge Perez Michelle Seagull Kevin Hart Medical marijuana patient growth 0 10,000 8/2015 3/2016 6/2017 1/2018 4/2018 6/2019 20,000 30,000 40,000 50,000 As the number of health conditions made eligible for Connecticut's medical marijuana program has grown, so too has the number of registered patients. According to state data as of press time, the program was about to hit 50,000 patients, which means the program has doubled in size in just under two years. If adult recreational use is legalized this year, some predict that about 10% of the state's population, or 360,000 people, could become buyers of legal pot. Source: Department of Consumer Protection CTPharma staff members trim the dried marijuana flower. PHOTO | CT MIRROR 2/2021 NUMBER OF PATIENTS

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