LOS ANGELES, Oct 13, 2021 (GLOBE NEWSWIRE) – Bespoke Financial, the country’s first cannabis-focused fintech lender, is also the first to provide cannabis operators with an inventory revision line of credit that enables companies to take a Gain competitive advantage by better managing required operating expenses while retaining other financial resources for long-term capital and growth initiatives.
“Companies in traditional industries have had access to this tool for decades, but until now cannabis operators have often had to make choices between funding short-term operating expenses or long-term growth plans,” said George Mancheril, CEO of Bespoke Financial. “This gives operators a significant advantage over their competitors who do not have access to flexible financing and really puts the cannabis operation on a par with modern business practices in established industries.”
For example, Bespoke Financial recently secured a $ 5 million inventory credit line for Claybourne Co., a California-based cannabis company that makes several of the state’s most popular flower and pre-roll products. Claybourne’s plans include expanding its growing capacity, an expensive long-term growth investment that could affect the company’s ability to bring new products to market and maintain production to meet sales. The flexibility offered by the line of credit enables Claybourne to meet current and future long-term needs.
“We thrive in the market by offering a diverse portfolio of products that are a core component of our business, and expanding these products is key to our continued growth,” said Nick Ortega, CEO of Claybourne Co also have significant short-term needs in working capital such as labor and operating costs as we gradually expand our additional cultivation capacity. The flexibility of this line of credit was simply not readily available to the cannabis industry in the past. “
Businesses need money to grow. But with the federal ban still in land law and the different regulations from state to state, financing is difficult or even impossible. Conditions in the cannabis industry make it difficult for companies to demonstrate even good credit, and credit companies are still shunning the industry. But Bespoke Financial’s existing line of credit has allowed Claybourne Co. to launch two new retail products and expand its range of products while maintaining the ability to pursue its long-term growth plans.
“This ensured that we had the funding and working capital we needed to scale the business,” said Ortega. “We’ve been looking for a working capital line of credit for a while, but it’s just not available in the cannabis space, whether or not you are a leading brand.”
About tailor-made finances
Founded in 2018, Bespoke Financial is the first licensed fintech lender in the country to focus on the cannabis industry and focus on bridging the gap between institutional investors and cannabis. Led by a world-class team of experts in the fintech and cannabis industries, Bespoke Financial provides its clients with access to working capital by offering short-term credit options to fuel business growth in the legal cannabis industry, reduce cash flow cycles and provide cannabis companies with more financial flexibility. The company is backed by well-respected venture capital firms such as Casa Verde Capital, Greenhouse Capital Partners, Outbound Ventures, Vista Investment Group, Ceres Group Holdings and Sweat Equity Ventures. For more information, visit www.bespokefinancial.com or contact us on LinkedIn.
About Claybourne Co.
Founded in 2017, Claybourne is a market leading cannabis grower, breeder and brand serving a wide range of flower, pre-roll and concentrate products to the California market. Claybourne’s mission is to create the highest quality flower-based cannabis products available to a wide range of consumers. By addressing the needs of residential customers and consumers, Claybourne has developed a high-volume product portfolio that is unmatched by competitors in the world’s largest, most competitive cannabis market. For more information, visit www.claybourneco.com, follow us on Instagram or connect with us on LinkedIn.
Contact: Jim Dissett
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