SACRAMENTO, Calif.--(BUSINESS WIRE)--NatureTrak, Inc. – a leader in risk management enterprise software for financial institutions doing cannabis banking – is expanding its offering with its acquisition of Copacetic Strategies, LLC.
Through its proprietary platform, NatureTrak empowers financial institutions to build and scale their cannabis banking programs by streamlining and navigating the complex compliance, security and regulatory landscape.
“With this acquisition we have strengthened our innovative risk management solution. Our integrated platform and services allow customers to monitor all cannabis transactions from seed to sale and identify any anomalies, ensuring they are always in compliance,” said Jontae James, CEO of NatureTrak.
By acquiring Copacetic Strategies, NatureTrak has expanded its offerings and expertise which includes risk mitigation, risk scoring, pre-deposit verification, electronic transaction verification, entity and license verifications and standard cannabis industry metrics.
“As experts in core compliance and the anti-money laundering function within Bank Secrecy Act compliance, the opportunity to become a fundamental part of the NatureTrak solution advances our ability to empower the cannabis ecosystem,” said Philip DS Martin, CEO and founder of Copacetic Strategies.
Copacetic Strategies, founded in 2019 in Arvada, CO was created to assist financial institutions in the development of cannabis banking initiatives, addressing: enhanced due diligence, enterprise risk, regulatory compliance, vendor management and ongoing transaction monitoring.
Risks associated with money laundering within the Bank Secrecy Act have kept financial institutions reluctant to bank the cannabis industry, despite substantial growth in sales and 35 states having passed legislation legalizing adult or medicinal use, or both.
“The legal cannabis industry will generate nearly $20B in revenue in 2020 and we firmly believe that properly managing the associated risk through compliance and the generation of tax revenues helps legitimize the cannabis industry. NatureTrak’s comprehensive technology and services solution allows cannabis banking to thrive within the financial system,” added James.
NatureTrak is headquartered in Sacramento, California and was founded in 2017 to meet financial institutions’ growing demand for cannabis banking solutions.
NatureTrak (www.naturetrak.com) offers an enterprise risk management solution that is built for financial institutions that bank cannabis - streamlining your operations across risk mitigation, risk scoring (through its proprietary Marijuana Anomaly Detection (MAD) cannabis rules-based engine), cash pre-deposit verification, electronic transaction verification, entity and license verifications, standard cannabis industry metrics and much more — all from a single platform. NatureTrak is the best and most comprehensive technology solution for managing cannabis banking risk, pre-verifying all deposits, monitoring transactions and the overall compliance of cannabis businesses with laws and regulations. Having one technology with all of this functionality and that contains a complete record of your cannabis banking activity is critical to scaling efficiently, effectively, and safely.