DENVER — CS Compliance Systems, developers of CannaScore, the world’s first real-time regulatory compliance auditing application for the cannabis industry, announced its system is now in use by banks and financial institutions.
Last month, the company had certain banking privileges revoked when its financial services provider discovered the company was providing services to the marijuana industry. During the appeal, the company offered its products free of charge.
“Although we have full banking access again, we are still giving all customers a free trial of our award-winning cloud-based software,” said Thomas Smith, managing partner.
The CannaScore Agent program has been used by professional consultants since 2015, to help cannabis-related businesses (CRBs) avoid fines, suspensions, and even loss of a business license. By demonstrating compliance with regulations through the CannaScore Agent program, CRBs can gain access to capital and services from investors, banks, brokers, landlords, lawyers and CPAs.
The tool also won the Technology of the Year Award in 2015.
CannaScore uses a regulatory compliance database, easy-to-use interface, a weighted scoring system (like a FICO score), and automated reports to assess a CRB’s compliance with state and local regulations.
Several banks and financial institutions are now using CannaScore to conduct audits of their cannabis-business clients, as mandated in the Cole Memo and finCEN Guidance.
CannaScore has systems for companies providing services or capital to the cannabis industry, and an “In-House” program designed to be used by cannabis cultivators, processors and retailers. Both tools are cloud-based and continually updated with any new regulatory changes.
CannaScore audits are quick and easy to conduct. Once the audit is completed, users receive an email with a detailed audit report and description of each violation, along with photos, notes and corrective measures.
The tool won the Technology of the Year Award in 2015.