Columbus, Ohio – April 3, 2025 – Shield Compliance has been approved as a Preferred Partner by the Community Bankers Association of Ohio (CBAO), recognizing its expertise in helping financial institutions navigate the complexities of cannabis banking and expand their services to support this new line of business.

Launched in August 2024, Ohio's adult-use cannabis market has seen impressive growth, generating more than $300 Community Bankers Association of Ohio (CBAO)cannabis sector could grow to around $1 billion in annual sales in 2025.

“Having a trusted compliance partner is essential for community banks looking to serve Ohio’s fast-growing cannabis industry,” said Tim Chapman, Director of Products & Services for the Community Bankers Association of Ohio. “Shield Compliance has the expertise and technology needed for our member banks to navigate regulatory complexities, manage risk, and unlock new growth opportunities.”

“Serving Ohio’s nascent cannabis industry allows community banks to support local businesses, job creation, and tax revenue generation, reinforcing their role as drivers of local economic development while gaining the financial rewards of banking this industry,” said Richard Drennan, Business Development Officer at Shield Compliance. “We are excited to provide the compliance technology and support required for this industry and enable CBAO members to expand their banking services with confidence.”

Shield Compliance: A Leader in Cannabis Banking

Banking the cannabis industry presents compelling financial opportunities, including low-cost deposit growth, non-interest income, and the potential for higher yield earning assets, but it also comes with challenging operational demands and complex regulations.

A national leader in cannabis banking, Shield Compliance has partnered with more than 70 financial institutions and monitored 17 million transactions including $65 billion in deposit volume. For the 12-month period ending February 28, 2025, Shield’s financial institution customers have earned $44.4 million in fee income. As of February 28, 2025, these financial institutions have $1.04 billion in deposit balances and $332 million in loans outstanding from over 7,500 cannabis-related businesses representing more than 25,500 active cannabis licenses.

For additional resources about banking the cannabis industry, please download Shield’s Cannabis Banking Playbook and Cannabis Lending Guide.

About Shield Compliance

Shield Compliance (www.shieldbanking.com) 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. With real-time monitoring and comprehensive reporting capabilities, Shield Compliance sets the standard for compliance excellence in cannabis banking.

For more information or to request a demo, please contact Richard Drennen at richard@shieldbanking.com.

About Community Bankers Association of Ohio

The Community Bankers Association of Ohio (CBAO) is the financial trade association exclusively representing Ohio’s community bank and thrift institutions. The Community Bankers Association of Ohio is organized to establish and maintain an informed network of independent community banks in the state of Ohio that will have the influence and commitment to effectively serve, protect and promote the interests of its members.