Cannabis compliance management software developer Shield Compliance is detailing its growth within the industry, noting 220 percent year-over-year revenue growth in 2021 while doubling the financial institutions on its platform.
“We are extremely pleased by the rapid and steady growth of financial institutions selecting Shield Compliance as their technology provider,” Shield Compliance Founder and CEO Noah Carey said. “These institutions are looking to position themselves for sustained growth, profitability, and efficiency and are betting on Shield to help them gain a competitive advantage. Our clients are sophisticated cannabis bankers who see a clear differentiation in the quality of our platform and services.”
Shield Compliance expanded its new client footprint in Maine, Missouri, New Mexico, Oklahoma, Oregon, and Puerto Rico, touting the benefits of Shield Assure for daily monitoring and reporting and Shield Engage, which is used for client application processing, underwriting, and onboarding.
Additionally, the firm has launched Shield Force, which offers financial institutions seeking additional compliance staffing support to maintain or expand cannabis programs.
“The team at Shield Compliance understands the complexity of the cannabis industry and offers the solutions and a cost structure that improves our competitiveness,” Dart Bank President and CEO William Hufnagel said. “It is critical that we offer a cannabis banking program that is fully compliant and can be tailored to meet the needs of CRBs seeking banking services in a growing number of legal cannabis states. Shield offers the reliability and flexibility required to serve these customers effectively.”