Cannabis Banking is Available
US: “For now, we should focus on the fact that cannabis banking is already available”
“Of course, banking is not as widely available in the industry as we would like it to be, and there are some unique challenges when it comes to cannabis financing. Still, it is important for everyone to be aware that we already have access to capital readily available, and we should be using that access to the full extent,” says Adam Stettner, Founder, and CEO of FundCanna.
The company was created to help all segments of the cannabis sector with access to flexible capital solutions. “While each level of the cannabis supply chain has shared financing challenges, there are also some unique challenges that are important to take into consideration.”
FundCanna CEO, Adam Stettner
Unique challenges for cultivators
To explain the unique challenges in the cannabis supply chain, Stettner takes cultivators as an example. “Cultivators do share some financial challenges with manufacturers and retailers, for example. Cultivators are unique in the sense that they have a long timeline to go from clone/seedling to a crop they can monetize. This creates a big challenge, as it requires a steady outflow of money to nurture their crop and business before they receive any inflow of cash.
This manner of outlay and receipt of money provides a unique challenge for cultivators.” Stettner explains, however, that these are exactly the types of challenges FundCanna was formed to help solve. “We want to give them access to capital that helps solve this challenge by having the flexibility to match their growth cycle.”
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