FundCanna Raises $30 Million For New Lending Company
Financial services industry veteran, Adam Stettner has launched a new lending company, FundCanna to provide financing for growers, manufacturers, retailers, and all participants in the cannabis supply chain. The company said it raised $30 million but could tap even more through its principals, investors and partners, including an extensive nationwide network built over the last 20+ years of financing American Small Businesses.
“The cannabis industry is in a rapid and dynamic phase requiring significant sources of working and growth capital that have not until now been available to it. This lack of debt financing has hampered growth and driven up borrowing costs,” said Adam Stettner, co-founder, and CEO of FundCanna. “It is common for there to be a gap between the need to make payment and the time to turn purchases into revenue. FundCanna will fill that gap and provide access to working capital for the licensed Cannabis Industry. After having helped in facilitating and directly underwriting, originating, and servicing billions in small business and education loans, I am confident the skills and tools I and my team have developed will translate seamlessly to the cannabis industry. Plainly said, FundCanna is here to solve the debt deficit in the cannabis industry.”
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