FundCanna Raises $ 30 Million for New Loan Company
A veteran of the financial services industry, Adam Stettner has launched a new loan company, FundCanna, to provide financing to growers, manufacturers, retailers and all participants in the cannabis supply chain. The company said it had raised $ 30 million but could leverage even more through its constituents, investors and partners, including a vast nationwide network built over the past 20 years and more. financing of American small businesses.
“The cannabis industry is in a fast and dynamic phase requiring significant sources of working capital and growth that were not available to it until now. This lack of debt financing has hampered growth and pushed up borrowing costs, ”said Adam Stettner, co-founder and CEO of FundCanna. “It’s common for there to be a gap between the need to make payment and the time to turn purchases into income. FundCanna will fill this gap and provide access to working capital for the licensed cannabis industry. Having helped facilitate and directly underwrite, create and manage billions of small business and education loans, I am confident that the skills and tools that I and my team have developed will seamlessly translate into the cannabis industry. Simply put, FundCanna is here to solve the cannabis industry’s debt deficit.
Stettner and his team of executives in the financial services industry have over 20 years of lending experience, facilitating more than $ 20 billion in financing for all types of credit, including commercial, personal and business loans. students. Stettner was the CEO and Founder of Reliant Funding before launching FundCanna.
With the banking language of cannabis recently being banned from the NDAA, FundCanna may find its time right. FundCanna noted in its statement that the limited debt financing available to the industry is generated by high-cost sources of capital, including sale-leasebacks, non-conforming asset-based loans and other forms of capital. that are more expensive than available. traditional federally regulated industries.
FundCanna announced its initial launch with a suite of lending products specifically targeting Distributors and their customers; these include distributors, producers, manufacturers and retail industries as well as vendors serving these groups. In addition, FundCanna will offer products to all other components of the cannabis supply chain. The initial products will look like factoring offers, often seen in the apparel and retail industries offering term loans of 30 to 180 days. However, FundCanna’s offerings will be flexible and highly customizable.
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