DENVER, Feb. 6, 2018 /PRNewswire/ — Adherence Compliance announced today that the company’s cloud-based software-as-a-service platform has surpassed more than 1000 cannabis compliance inspections of licensed marijuana businesses. The company’s flagship product, the Adherence SCORE App, has been available on the Apple App Store since 2016.
“Adherence is the leading FinTech and RegTech company in the cannabis industry. We have significantly more operational or empirical data than any other provider in the space, so we are able to leverage our data to predict where these types of businesses – dispensaries, cultivation centers, manufacturers and distributors – will fail next. For regulatory agencies or license owners, we identify common areas of non-compliance which improves overall public safety,” said Steve Owens, CEO and Founder of Adherence Compliance.
The Adherence SCORE App allows license owners and regulators of marijuana businesses to automate inspections for regulatory and financial code infractions at the city, county and state jurisdictions. Once users of the app have completed answering requirements questions, including uploading notes and photos, the enterprise compliance platform returns a detailed compliance report and score. The scoring algorithm has been continually optimized since 2014 to improve scoring accuracy, which is based in part on actual fines and penalty data from multiple states.
“Our SCORE App has processed more than 100 cannabis banking compliance inspections since 2015 as well. Statistically speaking, marijuana business licenses with operational bank accounts score almost 11% higher on average than businesses without bank accounts. Marijuana businesses without bank accounts average three-to-four additional code violations per inspection. The data illustrates that access to marijuana banking improves compliance scores and overall public safety through increased inspections and monitoring of these businesses,” said Owens.
Adherence’s platform is commercially available for regulators and license owners in the following states: Colorado, California, Nevada, Washington, Oregon, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York and Maine. In order to meet subscriber and regulatory demand for its software, Adherence is opening up new offices in California, Illinois, Pennsylvania and Toronto Canada.
About Adherence Compliance
Founded in 2014, Adherence Compliance is the leading provider of cannabis compliance software and services. Adherence supports regulatory agencies, banks and financial institutions, license owners and other stakeholders of cannabis compliance risk. Simple. Fast. Mobile.
CONTACT: Kimberly Goodman (610-308-2293) Kimberly@growthsource.com
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SOURCE Adherence Compliance