Preferred Lending solutions will accelerate and expand access to capital and critical financial services for cannabis companies
SAN DIEGO and LOS ANGELES — FundCanna, the leading provider of capital to small to medium-sized businesses throughout the cannabis sector, today announced a partnership with PayQwick, the cannabis industry’s most comprehensive treasury and financial services platform, to be their Preferred Lending Partner. Through this partnership, FundCanna will provide access to vendor financing, lines of credit, working capital, and equipment financing, becoming the go-to option for PayQwick clients seeking debt financing.
“This strategic collaboration will enhance and streamline the debt financing process, while leveraging the respective technology of both FundCanna and PayQwick, data exchange, and same day funding via direct deposit service,” said Adam Stettner, CEO of FundCanna.
“This is another step in FundCanna’s mission of supporting the Cannabis industry with fast, simple access to capital. By partnering with PayQwick, together we will make paying invoices, bridging the gap from cash outlay to revenue, significantly easier, faster and readily available for PayQwick clients. Access to capital has ranked among the cannabis industry’s most significant roadblocks.”
Prior to founding FundCanna, Stettner served as the founder and CEO of Reliant Funding for approximately 14 years, during which time nearly $2.5 billion was disbursed to tens of thousands of unique business clients.
“Our technology-rich, integrated partnership will enable cannabis businesses access to creative, fast and affordable funding solutions and deliver a streamlined one-stop financial services relationship for PayQwick’s current and future cannabis business and financial institution customers,” said Bob Craig, CEO of PayQwick. “The team at FundCanna is exceptional and moves very quickly to approve and fund our clients, using the PayQwick platform’s real time disbursement and loan repayment products. Adam also provides valuable business lending perspectives to the PayQwick Board as we continue to execute our strategy, deliver the best product and user experience for our clients and enhance value for our shareholders.”
FundCanna Chief Revenue Officer, Ryan Freitas, says “PayQwick has empowered over a thousand cannabis licensees across the US to achieve their growth goals by expanding access to critical banking and financial services in this fragmented and highly regulated industry.” He continues, “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 creative, renewable debt financing and traditional banking services together.”
FundCanna services all states where Cannabis is legal. The PayQwick platform is accessible to cannabis financial institutions and businesses operating in most major markets, including both mature and emerging states. Among them, California, Arizona, Colorado, Florida, Illinois, Massachusetts, Maryland, Michigan, Oregon, New Jersey, and Washington—with many additional markets coming online shortly.
FundCanna is the leading source of debt capital to the cannabis industry. For more than 20 years, their team of financial experts has provided nearly $20 billion in funding to underserved businesses and individuals across the country. FundCanna products are flexible and designed to service the unique needs of this amazing space. For more information about cannabis financing, visit fundcanna.com.
Since 2015, PayQwick has been offering bank related services to the cannabis industry in over 12 states. Our years of compliant experience, technological innovations, and industry-expert teams deliver streamlined services, including lending and payment processing, to all players in the supply chain: cultivators, manufacturers, distributors, retailers, and ancillary operators. PayQwick recently announced it will be acquired by Green Check Verified.
- 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.
- Nebraska senator pledges to seek special session to legalize medical cannabisAdvocates for legalization of medical marijuana were pursuing a trio of options Tuesday after their attempt at qualifying the issue for the November ballot fell short.
- Adult-use cannabis unlikely to be on Oklahoma ballot in NovemberThe Yes on 820 campaign faces several obstacles in the last part of its journey to the ballot as another challenge period will last at least 10 business days and the state Election Board needs time to print ballots for overseas voters.
- Lawsuit asks to block cannabis legalization from Missouri ballotAn anti-drug legalization activist has filed a lawsuit arguing a recreational marijuana initiative petition was improperly certified by Missouri Secretary of State Jay Ashcroft and should not appear on the November ballot.
- Cannabis legalization advocates turn THC customers into political alliesNow that Minnesota has legalized hemp-derived THC products as of July 1, proponents of full legalization are activating a new resource in the political battle over the green plant’s future: customers.