LOS ANGELES and NEWPORT BEACH, Calif., July 05, 2022 (GLOBE NEWSWIRE) -- Bespoke Financial, the first fintech lender in the country providing debt financing to cannabis companies, has announced an integrated partnership with BLAZE Solutions (“BLAZE”), a leading cannabis technology company. The partnership establishes an embedded lending product providing cannabis retailers access to Bespoke’s financing at the click of a button within BLAZE’s Dispensary POS software.
This partnership addresses one of the greatest operational friction points for adult-use cannabis retailers. To service an increasing consumer base, dispensaries have sought a line of credit for timely vendor payments. Unable to meet suppliers’ demands for Cash on Delivery, dispensaries were left to choose between carrying limited product reserves or reinvesting cash flow into new inventory purchases.
As a solution, BLAZE and Bespoke have launched a new dispensary financing program exclusively in California and Massachusetts, allowing dispensaries on the BLAZE platform to easily view financing terms without having to provide financial information or undergo an extensive underwriting process. By allowing easy access to funds for vendor payments, the financing program will boost retailers’ ability to make timely payments that trickle up the supply chain, operate at a larger scale to increase profitability, and carry an assortment of brands to keep a competitive edge.
Through this integration, BLAZE’s clients can opt-in through the POS to see qualifying options for Bespoke’s dispensary financing, which allows access to 60-day repayment terms on all vendor payments. Qualifying retailers can finance purchase orders to vendors seamlessly in the platform similar to a B2B buy now, pay later option. The ability to pay vendors directly from within the BLAZE platform via Bespoke’s financing will also minimize dispensaries’ reliance on cash transactions. Dispensary financing is currently in beta testing with a select group of operators and a broader launch coming later this year.
“BLAZE is the most prominently utilized POS in California, serving approximately a quarter of licensed cannabis retailers. Through this partnership, the new dispensary financing program expands our footprint into California and Massachusetts, two of the most established cannabis retail markets on each coast, respectively,” said George Mancheril, Founder and CEO of Bespoke Financial. “This new forward-thinking lending product combines accessible, scalable financing with an industry-leading POS platform.”
BLAZE’s POS software supports over 600 retailers nationwide and powers operations for 25% of California’s dispensaries — making it the state’s most popular POS platform.
“Bespoke’s team of fintech and cannabis experts are providing working capital that helps businesses increase purchasing power and accelerate profitability in a fast-growing industry,” said BLAZE CEO, Chris Violas. “At this momentous time for cannabis technology, BLAZE is proud to offer the dispensary financing program and build advanced digital solutions that strengthen the cannabis supply chain.”
Bespoke and BLAZE will co-host a webinar on July 12th for retailers to learn more about how to access financing and scale their businesses seamlessly. To sign up, please click here.
About Bespoke Financial
Founded in 2018, Bespoke Financial is the nation’s first fintech lender focused on the cannabis industry. Led by a premier team of experts in the credit, technology, and cannabis industries, Bespoke Financial has financed more than $800M in GMV across the US cannabis industry and is on track to deploy $1B by end of year 2022 via their revolving lines of credit. 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, and Ceres Group Holdings. For more information visit www.bespokefinancial.com or connect with us on LinkedIn.
About BLAZE®
BLAZE powers the cannabis industry with intuitive technology solutions. Founded in 2017 by tech entrepreneurs and cannabis company operators, the BLAZE software suite fully supports vertically integrated operations, standalone dispensaries, delivery services, distributors, and cultivators with an easy-to-use front end and robust enterprise-level backend. The platform’s seed-to-sale software and apps enable businesses across the supply chain to automate compliance reporting and operate safely within complex local laws and tax requirements. Cannabis commerce is effortless with a POS platform that centralizes operations and combines efficient online ordering, inventory management, and payment processing. BLAZE offers full APIs and integrates seamlessly with over 60 cannabis tech platforms. Learn more at BLAZE.me
Media Contact:
Misi Stomber
Account Executive, MATTIO Communications
misi@mattio.com
