SAN DIEGO, May 13, 2024 (GLOBE NEWSWIRE) -- FundCanna, the leading provider of capital to the cannabis sector, announced a partnership with Dama Business Solutions (“Dama”), which designated FundCanna as a preferred lending partner. Dama is one of the cannabis industry's leading providers of access to banking and financial services, powering safe and secure depository solutions for top licensed cannabis operators, as well as providing access to electronic consumer payment solutions. The partnership between Dama and FundCanna provides expanded access to capital and compliant banking and lending solutions to cannabis businesses.
“In FundCanna’s two and a half years of service to the cannabis industry, we’ve navigated the many complexities unique to cannabis; however, like traditional businesses, cannabis operators have the need for strong banking relationships and access to flexible and renewable capital,” said Adam Stettner, founder and CEO of FundCanna. “Banking and access to liquidity is a basic requirement. Our partnership with Dama gives their clients access to the required solutions for both their capital and banking needs in one unified solution. The average FundCanna client grows 54% in less than a year after working with us. We are bringing our suite of funding products to unlock growth for Dama’s clients with an integrated solution. Together, we will empower cannabis companies to achieve their financial and business goals.”
Historically, access to capital has been a challenge for businesses operating in the cannabis industry. FundCanna was founded on the core belief that businesses should have access to liquidity, flexible terms and renewable solutions. FundCanna is committed to providing financial services in the cannabis sector that are designed specifically to support its unique needs, and through its partnership with Dama, seeks to provide uniform and convenient access to banking and other services that historically have been fragmented or unattainable. Alongside Dama, FundCanna recognizes the tremendous opportunity to broaden access to capital by offering clients of each business an avenue to compliant and trusted financing in the cannabis industry.
“Together, Dama and FundCanna are opening doors to funding for our cannabis clients as we continue to provide essential services and innovative solutions to help these businesses thrive,” stated Patrick O’Boyle, CEO of Dama. “We are eager to collaborate with FundCanna, reaffirming Dama’s commitment to serving the industry.”
FundCanna’s partnership with Dama benefits both cannabis operators and the financial institutions that serve them. With Dama as a known and trusted provider of comprehensive banking services, point-of-sale and wholesale solutions, its partnership with FundCanna will assist clients in achieving their goals and ultimate success by facilitating access to capital and providing essential services in the cannabis sector.
About Dama
Based in San Bruno, Calif, Dama is the cannabis industry's leading provider of access to banking and financial services, powering safe and secure depository solutions for top licensed cannabis operators throughout the United States as well as providing access to electronic consumer payment solutions. The company was founded in 2017 by a team of world-class fintech and payments executives to provide high-risk industries with critical access to fundamental financial solutions. In 2022, Dama acquired Growflow, a SaaS seed-to-sale POS, whose business management and compliance tools have processed more than $3.3 billion for cannabis businesses. Dama has leveraged its experience in other unbanked categories to develop solutions, driven by its proprietary technology platform, capable of navigating a complex web of regulatory and compliance requirements.
About FundCanna
FundCanna is the leading source of capital for the cannabis industry nationwide. The funding products FundCanna offers are customizable, flexible, renewable and reliable. The financing offered is designed exclusively for cannabis operations and the ancillary companies that support the industry. Based in San Diego, California, FundCanna has underwritten over 2,500 clients and approved over $275 Million to the cannabis industry across all verticals and in over 40 states.
FundCanna’s team of experts has provided $20 billion in on-balance sheet funding to underserved businesses and individuals across the country. Adam Stettner, founder and CEO of FundCanna, has successfully founded and operated finance companies for the past 20-plus years, earning numerous national awards and recognition including EY’s Entrepreneur of the Year and seven showings on the Inc. 500/5000. Stettner and his team have focused exclusively on financing licensed cannabis operators and ancillary providers since 2021.
For more information about cannabis financing, visit FundCanna.com.
Media Contacts:
Patrick Maddox
KCSA Strategic Communications
fundcanna@kcsa.com
Dama Media Relations
Jenna Romo
marketing@damafinancial.com
