Mr. Lynch brings experience in regulatory environments to the world’s first AI and blockchain-based verification platform for cannabis, CBD, and hemp businesses
CHERRY HILL, N.J., June 15, 2023 — Walter Lynch is a water industry veteran, having led the water and waste sectors through seasons of transformation as CEO of American Water, the largest publicly traded U.S. water and wastewater utility company. He oversaw the systems that served communities in 16 states and is no stranger to the challenges of thriving in a strict regulatory environment.
Qredible was cofounded by Brian Fitzpatrick (Chairman, CEO) and Rick McDonald (President, COO). The company is breaking novel ground, having developed the world’s first blockchain-based and artificial intelligence cloud-based platform to reduce the cost of compliance and increase trust and transparency in the commerce of cannabis, CBD, and hemp businesses. But their vision is even bigger, and they are currently brokering deals with financial institutions and merchant processors that service high-risk clients, such as those in CBD and cannabis. Their technology team is also working on a consumer-facing application, set to launch in late 2023/early 2024.
Mr. Lynch knew of Mr. Fitzpatrick through a mutual colleague and was struck by his passion and success in building and scaling successful software companies.
Mr. Lynch understands both the challenges and opportunities of growth in this space, explaining, “My broad experience, not just in the United States but across Europe as well, helped me understand the intricacies of the water industry, but also how you grow a company within the framework of American regulation.”
Success, he explains, is less about what you have and more about who you have: “That’s how I like to describe my career: I built effective leadership teams that executed the strategy and delivered value for customers. I think that’s what Qredible is going to do, and that’s why I want to be a part of this organization.”
He acknowledges that Qredible is providing an essential service, an early occupant of a vital role in the marketplace, and poised to be a pioneer for cannabis companies, CBD companies, financial institutions, labs, and regulators that understand the inevitability of future regulation.
He explains, “It’s such a niche in the marketplace and such value to be right at the beginning phase of this whole regulatory and software development, similar to what we did in the water space. You have to have all of the information in one place, all of the testing documentation, and more. That builds reliability and credibility with regulators. And that’s what I love about this opportunity to join this board.”
Mr. Lynch is eager to jump in and guide this young but fast-growing company as it builds an intricate and timely infrastructure for the cannabis and CBD industries, “I led a company as Chief Operating Officer through the initial public offering process in the midst of the financial crisis. I understand pressure, and I see the problems with fragmentation and either a lack of regulation or a lack of adherence to regulations. There are a lot of parallels between what I had to build and where growers, retailers, and more need in the cannabis industry today.”
Mr. Fitzpatrick is the visionary leading the team at Qredible into a future where he envisions safe commerce for all. He is enthused by the encouraging support of top-tier professionals, industry leaders and veterans, and influential individuals who have already endorsed the company.
Mr. Fitzpatrick explains, “Success of any venture is not achieved by any one person, it takes a team of people that add knowledge and value in critical areas of the company, which includes the Board of Directors. Walter is a highly knowledgeable and accomplished leader in growing businesses in complex and dynamic regulated industries. He has a unique blend of big company experience as well as significant entrepreneurial instincts and creative problem-solving skills in growing and scaling fast-growing businesses. I have a great deal of respect for Walter and I could not be more excited to have his counsel as a valued member of Qredible’s board.”
