Leaders in Cannabis Sector Join “Risk Mitigation Alliance” to Bring Discounts on Banking, Compliance, Legal, Tax, Payroll, HR, and Insurance Services
“RMA” Lowers the Cost of Services for Cannabis Operators and Related Businesses, Including up to 70% Off Simplifya’s Core Suite of Cannabis Compliance Regtech Solutions
DENVER, July 19, 2023 (GLOBE NEWSWIRE) — Simplifya (“Simplifya” or “the Company”), the leading regulatory and operational compliance software platform serving the cannabis industry, announced the addition of a host of new cannabis industry leaders from across the sector to the Risk Mitigation Alliance (“RMA”) – a conglomerate of the most experienced and seasoned risk mitigation companies in the cannabis industry with a common purpose to help cannabis operators and cannabis-related businesses (“CRBs”) secure unmatched expertise and deep discounts on essential services.
Along with founding partner Shield Compliance, which offers a comprehensive BSA/AML compliance management platform for cannabis banking, new RMA members include: Comploy, a leading payroll and human resources provider; Vicente, named the country’s first powerhouse marijuana law firm by Rolling Stone; Sound Community Bank, a state-chartered commercial bank headquartered in Seattle, Washington; and Dart Bank, a private bank headquartered in Mason, Michigan. In April, Simplifya also successfully launched RMA with providers and brokers in the insurance sector including: CannGen; HUB Insurance; IMA Financial Group; SafeHerb; and QuadScore.
“RMA’s newest members represent the most experienced risk mitigation companies in the cannabis industry, and signals that experts from across the sector are working together to ensure the success of this emerging industry,” said Simplifya CEO and Cofounder Marion Mariathasan. “We have come together to bring financial relief because we believe that compliant licensed operators with exceptional governance pose less risk for their businesses, their partners, consumers and ultimately, the industry.”
Through the RMA, cannabis operators and CRBs are eligible to receive bundled risk mitigation services that include operational compliance, legal, insurance, banking, lending, payroll, and payments through one simple contact. They can also access significant discounts on best-in-class operational services and compliance tools, including:
Compliance and Risk Mitigation: RMA offering brings cannabis operators and CRBs 70% off the cost of Simplifya’s core suite of operational and regulatory compliance solutions – paid for by participating RMA partners. Mariathasan added, “For operators with a reduced risk profile, and those who aspire to run sound-compliant businesses, RMA provides subsidized risk mitigation tools, access to additional financial services and meaningful discounts on banking, tax, legal, payroll, HR, insurance, and other services. In today’s economy, I don’t know an operator or CRB that isn’t looking to save money on operational costs.”
“All businesses, especially highly regulated cannabis companies, need access to financial products and services to be successful,” said Tony Repanich, President and CEO of Shield Compliance. “By bringing together compliance leaders and essential resources that help mitigate risk for licensed operators and financial services providers, RMA is expanding access and lowering costs for the legal cannabis industry.”
Discounted Banking: Operators and CBRs who work with RMA receive discounted and preferred pricing on banking services. “Dart Bank is pleased to join the Risk Management Alliance as we look for ways to help our cannabis related customers mitigate risk and save money. We are honored to join other best-in-class professionals serving the cannabis industry. Partnering with the other industry leading companies in RMA is a logical way for our bank to provide additional value to the cannabis industry,” said Ross Sloan, SVP/Specialty Banking Officer at Dart Bank.
Discounted Legal: For operators who work with RMA, Vicente LLP will provide preferred pricing based on the customer’s needs. Vicente LLP Founder Brian Vicente, Esq. said, “In many jurisdictions, legal cannabis businesses face significant expenses due to various regulatory requirements, including licensing fees, application costs, compliance, security, equipment, infrastructure, taxes, and real estate. Licensed operators benefit when working with RMA partners because they receive services from the top-rated risk mitigation providers in the industry, all working together.”
Discounted Payroll and HR Services: Operators and CRBs working with RMA will receive discounted/preferred fees on payroll and HR services. Chris Myers, President & CEO of Comploy said, “Cannabis payroll services can be complex due to the unique challenges and compliance requirements associated with the cannabis industry such as 280E, employee classification, time and attendance, and payroll processing, so bringing these essential services under the RMA umbrella is a win-win for all.”
Preferred Pricing on Insurance Premiums: Operators who utilize Simplifya for compliance are eligible for discounts/preferred pricing on insurance premiums. While insurance carriers will do their best to provide premium discounts on insurance policies for Simplifya customers, discount amounts are evaluated on a case-by-case basis by the insurance carriers, and the discounts applied at policy renewal, if any, may vary based on many different risk factors of the insured.
For more information, visit https://www.simplifya.com/risk-mitigation-alliance/ or contact RMAlliance@simplifya.com.
About Simplifya
Simplifya is the cannabis industry’s leading regulatory and operational compliance software platform; our suite of products takes the guesswork out of confusing and continually changing state regulations. Featuring SOPs, badge tracking, document storage, tailored reporting, and employee accountability features, our Custom Audit software can reduce the time you spend on compliance by 45 percent. For more information, visit www.simplifya.com.
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