SAN DIEGO and LOS ANGELES, Sept. 14, 2022 (GLOBE NEWSWIRE) -- 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.
About FundCanna
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.
About PayQwik
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.
FundCanna Media Contact:
Danielle Dodson
KCSA Strategic Communications
ddodson@kcsa.com
