Qredible, a Cherry Hill-based firm that developed the world’s first blockchain-based artificial intelligence platform to reduce the cost of compliance and increase trust and transparency in the commerce of cannabis, CBD, and hemp businesses, on Thursday announced that Walter Lynch, retired CEO of American Water, has joined the board of directors.
Lynch, a water industry veteran, led the Camden-based utility through seasons of transformation as its CEO. He oversaw the systems that served communities in 16 states and is no stranger to the challenges of thriving in a strict regulatory environment.
Brian Fitzpatrick, Qredible chairman and CEO, and Rick McDonald, Qredible president and chief operating officer, 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 or early 2024.
Lynch knew of Fitzpatrick through a mutual colleague and was struck by his passion and success in building and scaling successful software companies.
“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,” Lynch said.
Success, Lynch 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.
“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,” Lynch said.
“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,” Fitzpatrick said.
