Executives at Seattle-based cannabis banking company Shield Compliance are shuffling roles.
This article was originally published by Rick Morgan in Puget Sound Business Journal on August 3, 2022.
The company on Tuesday announced Noah Carey, the company's founder and CEO, is moving over to executive chair of the board. Tony Repanich, formerly the president and chief operating officer, is the company's new CEO.
“While the legal cannabis market is growing rapidly, demand for cannabis banking services outstrips supply in many parts of the country. As a result, there’s a significant first-mover advantage for financial institutions willing to serve legal cannabis businesses today,” Repanich said in a release. “I am very excited to lead Shield Compliance forward."
Shield also said Repanich is now on the company's board. According to his LinkedIn page, Repanich joined Shield in 2018 as COO, and he spent almost 23 years at Peoples Bank earlier in his career.
Carey launched Shield in 2014. According to Carey's biography on Shield's website, he spent more than 30 years in asset and risk management, working with major banks like Goldman Sachs and JPMorgan Chase.
With the addition of Carey and Repanich, Shield now has four board members. Farmers Fridge President Michael Brennen and longtime payments expert Scott Walker fill the other two spots.
Shield helps banks and credit unions handle the risks and regulations associated with serving the cannabis industry. The company helps financial institutions with anti-money laundering and client onboarding services. Shield's clients include Oklahoma State Bank and Salal Credit Union.
According to Shield, the company works with more than 50 financial institutions and operates in 35 states. As recently as 2019, Shield operated in just three states.
“Since our inception, we have strived to be the platform of choice for banks and credit unions seeking to improve compliance outcomes, better manage risk and drive down the operational costs associated with serving cannabis-related businesses,” Carey said in a release. “We are extremely pleased by the rapid and steady growth of financial institutions selecting Shield Compliance."
This article was originally published in Puget Sound Business Journal.