SAN DIEGO, Sept. 03, 2024 (GLOBE NEWSWIRE) -- FundCanna, the leader in cannabis financing, is proud to announce the launch of its innovative new product, ReadyPaid. This cutting-edge flexible payment solution is developed specifically to meet the unique needs of the cannabis industry, bridging the gap of cash flow management between sellers and buyers with ease.
About ReadyPaid
ReadyPaid is a pioneering cannabis industry business-to-business (B2B) Buy Now, Pay Later (BNPL) solution, offering Net30 payment terms with the added option to extend terms for up to six additional months. Unlike traditional BNPL solutions focused on consumer transactions, ReadyPaid is crafted to meet the specific challenges faced by cannabis vendors and their clients. By enabling sellers to receive immediate payment while offering buyers the flexibility to manage cash flow, ReadyPaid fosters growth, stability and predictability in both Accounts Receivable and Accounts Payable.
Market Opportunity
The cannabis industry is rapidly expanding. BDSA forecasts sales to grow at a compound annual growth rate (CAGR) of 10% from 2023 to 2028, resulting in a $58 billion market by 2028. Despite this growth, according to Whitney Economics, the industry faces significant challenges with delinquent accounts receivable, including a staggering $3.8 billion in delinquent payments1. The industry ranks delinquent accounts receivable as their number one concern over IRC 280E and other concerns. ReadyPaid addresses these issues head-on by offering a reliable, industry-specific payment solution that ensures timely payment, offers friendly payment terms and drives predictability in cash flow.
Adam Stettner, founder and CEO of FundCanna said “As the cannabis industry continues to evolve and grow, we’ve identified a critical need for financial solutions that address the unique cash flow management challenges faced by both vendors and buyers. FundCanna is well positioned to offer solutions that offer unrestricted cash and enable payment terms that match revenue cycles. Our new and innovative BNPL solution, ReadyPaid is designed to address the most pressing need of the cannabis industry, delinquent accounts receivable. FundCanna continues to innovate to meet the needs of the industry and help our clients grow. Our core funding products have been leveraged by nearly 2,000 clients and our average client has increased their top line revenue by over 50% since working with us.”
Key Features of ReadyPaid
- Industry-Specific Solution: tailored exclusively for the cannabis industry, addressing both ancillary and plant-touching transactions.
- Flexible Payment Terms: buyers receive Net30 payment terms at no cost with the added option to extend their payment plan with Net30 Flex. And sellers get paid upon checkout.
- Embedded Technology: integrates seamlessly with seller websites, shopping carts, and point-of-sale systems, enabling quick and frictionless transactions.
- Regulatory Compliance: designed to navigate the complex regulatory landscape of the cannabis industry, ensuring compliance and security.
FundCanna is excited to launch ReadyPaid in conjunction with PBC Conference 2024, the leading B2B conference for payments, banking, and compliance in the cannabis industry. ReadyPaid will be a value-add, payment solution for the entire financial ecosystem. "As the CEO of PBC Conference, I'm always excited to hear about innovation in the industry. Congrats to FundCanna on the launch of ReadyPaid, and we appreciate their participation as a sponsor in PBC 2024 -- our 5th Year Anniversary -- contributing to the exchange of ideas and insights that define the cannabis payments, banking, and compliance industry." Joshua M. Radbod, CEO of PBC Conference
FundCanna- Leader in Renewable Payment Solutions for the Cannabis Industry
Since 2021, FundCanna has been the leading provider of unrestrictive financing for the cannabis industry. With over 3,000 cannabis files underwritten and $300 Million in access to capital granted, FundCanna’s expertise and understanding of the industry set ReadyPaid and FundCanna’s other funding products apart from traditional financial services.
Contact Information
For more information about FundCanna or ReadyPaid, please contact:
Avnita Gulati
Chief Marketing Officer
media@fundcanna.com
858-379-1605
www.FundCanna.com
www.ReadyPaid.com
1. Source: Whitney Economics: Executive Summary: Cannabis Delinquencies: An Existential Threat to the U.S. Cannabis Industry
