Shield Compliance Announces Executive Leadership Changes and Market Growth
SEATTLE, Aug. 2, 2022 /PRNewswire/ -- Shield Compliance (https://www.shieldbanking.com/), a BSA/AML compliance and risk management solution for cannabis banking, announced the appointment of Noah Carey, Founder and CEO of Shield Compliance, to the role of Executive Chairman of the Board, and the promotion of Tony Repanich to President and CEO. Repanich was also appointed to the Shield Compliance Board of Directors.
Carey founded Shield Compliance in 2015 with a vision to extend financial services to the emerging legal cannabis industry. Today, Shield has grown to support over 50 financial institution partners on its platform serving nearly 4,000 cannabis-related businesses in 35 states. Since January 2019, Shield has monitored 3.5 million transactions including $17.5 billion in deposits.
"Since our inception, we have strived to be the platform of choice for banks and credit unions seeking to improve compliance outcomes, better manage risk, and drive down the operational costs associated with serving cannabis-related businesses," said Carey. "We are extremely pleased by the rapid and steady growth of financial institutions selecting Shield Compliance as their technology provider because it indicates that they see a clear differentiation in the quality and functionality of our platform and services."
Growing Economic Opportunity
The last few years have seen tremendous growth in the cannabis industry as more states recognize the benefits of legalization. The legal cannabis industry in the U.S. is projected to continue to grow from approximately $27 billion in retail revenue in 2021 to over $50 billion by 2026, and the economic impact of legal cannabis goes beyond sales. According to the MJBiz Factbook, every $10 spent at a legal cannabis retailer adds $18 to the economy, with the economic impact expected to reach $99 billion this year and $155 billion by 2026.
"While the legal cannabis market is growing rapidly, demand for cannabis banking services outstrips supply in many parts of the country. As a result, there's a significant first-mover advantage for financial institutions willing to serve legal cannabis businesses today," said Repanich. "I am very excited to lead Shield Compliance forward as we bring the company's industry-leading BSA/AML compliance tools to a growing number of financial institutions ready to gain the financial rewards of this line of business."
A Playbook for Cannabis Banking
Financial institutions that invest in technology to improve efficiencies and lower costs will have a competitive advantage when the economics of the industry change over time and new banks and credit unions enter the market. Informed by the experiences of pioneering cannabis bankers in states with legal medical and adult-use programs, Shield's Cannabis Banking Playbook outlines the risks, operational impacts, and go-to-market solutions available to financial institutions serving the legal cannabis industry.
About Shield Compliance
Shield Compliance transforms how financial institutions serve the legal cannabis market. Its purpose-built BSA/AML compliance management software solution sits behind the financial institution to simplify compliance, automate processes across multiple data sources, create efficiencies, unlock new revenue, and scale operations. For more information, visit www.shieldbanking.com or contact [email protected].
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SOURCE Shield Compliance
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