The partnership will offer lending services and financial solutions to cannabis operators
LOS ANGELES — Bespoke Financial, the first Fintech lender in the country providing debt financing to cannabis companies, today announced its strategic partnership with PayQwick, the cannabis industry’s most comprehensive treasury and financial services platform. The partnership provides a compliant one-stop shop for cannabis businesses to access Bespoke’s lending products and PayQwick’s invoicing, electronic bill pay, armored car cash pick-up, wire transfers and other financial services.
The lack of access to traditional financial services including deposit accounts and lines of credit have been major roadblocks in the early years of the cannabis industry. This partnership enables Bespoke’s clients to seamlessly access preferred deposit fees in addition to free money transfers to mutual Bespoke and PayQwick customers via the PayQwick platform. In return, PayQwick clients receive priority access to qualify for lines of credit with Bespoke based on the underwriting and due diligence processes cannabis operators currently abide by. The platform is currently available to cannabis businesses operating in Arizona, California, Colorado, Florida, Illinois,, Massachusetts, Michigan, Oregon, and Washington – with more U.S. markets to come.
“PayQwick has empowered countless cannabis operators to reach their growth goals by expanding access to critical financial services in this highly regulated environment. PayQwick’s advanced platform enables even more businesses to build scale as the industry continues to mature,” said George Mancheril, founder and CEO of Bespoke Financial. “We are thrilled to partner with their platform and look forward to redefining what is possible in the cannabis financial services space by offering both lending and treasury services together.”
Since 2015, PayQwick has processed billions of dollars in transactions for cannabis businesses, banks and credit unions through its state and federally compliant treasury and payment solutions. PayQwick clients can now utilize reliable financing tools by applying for Bespoke’s revolving line of credit to access non-dilutive, scalable working capital. “We have worked closely with the PayQwick team for over 2 years as our services complement each other nicely but this is a huge step towards creating a one stop shop for cannabis operators to connect with banking and lending tools,” said Judson Hill, Head of Revenue at Bespoke Financial.
“Bespoke is the first licensed commercial lender in the cannabis industry that offers a full range of borrowing programs,” said Bob Craig, CEO of PayQwick. “We know our banks and credit unions will also enjoy access to Bespoke’s capital for their cannabis clients through the PayQwick platform.”
To learn if your business qualifies for PayQwick and Bespoke Financial services, please visit www.bespokefinancial.com/apply-now.
About Bespoke Financial
Founded in 2018, Bespoke Financial is the nation’s first licensed commercial lender focused on the cannabis industry. Led by a premier team of experts in fintech and cannabis industries, Bespoke Financial provides clients access to working capital by offering lines of credit to the legal cannabis industry. Bespoke’s financing empowers cannabis companies to increase purchasing power, remove working capital limitations, and accelerate growth in a rapidly growing industry. The company is backed by respected venture capital firms such as Casa Verde Capital, The General Partnership, Greenhouse Capital Partners, Outbound Ventures, Vista Investment Group, and Ceres Group Holdings. For more information visit www.bespokefinancial.com or connect with us on LinkedIn
PayQwick is committed to the development of financial access for the cannabis industry. Through its comprehensive services, technology platform and strategic partnerships, PayQwick offers cannabis operators and financial institutions compliant treasury solutions to serve the industry. Learn more about PayQwick and its national network at payqwick.com.
- Minority Cannabis Academy: Social Equity in PracticeThe Minority Cannabis Academy graduated its first class of 25 students in September. The Academy’s goal is to take advantage of the social equity atmosphere in New Jersey to help those most harmed by prohibition.
- Marijuana Policy Project Releases Voter Guide to 2022 Governors’ Races and Cannabis Policy Reform Ahead of Midterm ElectionOn Tuesday, the Marijuana Policy Project (MPP) released their voter guide to 2022 governors’ races and cannabis policy reform. In 36 states, voters will be choosing their next governor on Election Day.
- Green Thumb to Launch “RISE Express” Dispensaries in FloridaGreen Thumb Industries Inc., a leading national cannabis consumer packaged goods company and owner of RISE Dispensaries, today announced plans to expand its medical retail footprint in Florida through a lease agreement with Circle K, the global convenience store retailer.
- Missouri AFL-CIO endorses cannabis legalization constitutional amendmentMissouri AFL-CIO president Jake Hummel on Thursday announced his organization was endorsing the proposal, which will appear on the Nov. 8 ballot as Amendment 3, calling it a “huge step forward for criminal justice reform in Missouri.”
- Minnesota’s Black cannabis users far more likely to face arrest than white onesBlack Minnesotans are nearly five times as likely to be arrested on marijuana charges as white ones, according to the latest data from the Bureau of Criminal Apprehension. It’s a disparity that has persisted for years, despite data showing that Black and white residents use cannabis at similar rates.
- Lawmakers ask MO governor to add cannabis legalization in special sessionA bipartisan group of lawmakers and activists are calling for Missouri Gov. Mike Parson to include marijuana legalization on the agenda of the legislature’s upcoming special session.
- In Brief: Pa. Governor Accepting Cannabis Pardon Requests in Sept.Pennsylvania Gov. Tom Wolf and Lt. Gov. John Fetterman announce the PA Marijuana Pardon Program, offering expedited pardon reviews to people convicted of only minor cannabis possession for personal use.
- Michigan State Police stops cannabis testing after false positivesMichigan State Police have acknowledged that its blood tests for marijuana are producing false positives for THC, and it will immediately halt testing.
- Missouri Dems expect boost from cannabis, but split on specificsSupport for legalization and heartburn about the amendment’s details have led to soul-searching among Democratic Party officials across the state. The consternation is particularly acute among Black Democratic leaders.
- Signatures on Nebraska medical cannabis petitions to get another lookThe Nebraska Secretary of State’s Office has agreed to take another look at signatures submitted by a group seeking legalization of medical marijuana to determine if they should have been counted.