SAN DIEGO, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The existential issue in the Cannabis industry continues to be the rise in both accounts receivables and delinquencies directly impacting operator profitability, which has decreased from 42% to 24% since 20221. The partnership between FundCanna and BLAZE directly addresses the payment constraint issue in Cannabis by offering a financial solution for Blaze clients, assisting dispensaries in managing their revenue cycle with predictability. With access to financing from FundCanna, dispensaries can smooth out cash flow, ensure timely payments and purchase inventory in larger quantities which will lead to better pricing, improved inventory turnover, and more favorable terms with suppliers. FundCanna has approved over $300M in funding with $60 million in the retail vertical leading to an average growth rate of 27% in top line revenue for dispensaries that have funded with FundCanna.
- Improve Cash Flow: where suppliers commonly require either COD or NET 30 payment terms in an already cash intensive industry, flexible financing solutions will significantly help retail stores to manage their cash flow more effectively. This funding essentially enables retailers to make their own terms that match their revenue cycles.
- Growth and Scalability: By providing unrestricted access to cash from within their daily active business tools, this workflow enables cannabis retail stores to purchase inventory as they need it, scale their operations, open additional doors and take advantage of growth opportunities in a rapidly evolving market.
- Access to Capital: Retailers can finance essential purchases, make timely payroll, focus on driving business through the door and more without depleting their cash reserves.
“By offering a joint financing solution, the FundCanna and BLAZE partnership provides dispensaries a competitive edge to leverage renewable capital. All businesses need access to capital, we have proven that dispensaries that fund with FundCanna grow by over 50% and that our capital works for them. Dispensaries return for additional capital at a rate of nearly 150%. I am happy that FundCanna has partnered with BLAZE to make this renewable and flexible credit line available within BLAZE’s Point of Sale platform,” said FundCanna CEO, Adam Stettner.
“We are excited to partner with Fundcanna to bring our retail operators an easy way to access capital within our software interface. Whether they are new operators looking to purchase inventory or an established storefront looking to expand, this integration offers a tech-savvy method to pay vendors and access necessary funding to grow their business,” said BLAZE CEO, Chris Violas.
About FundCanna
FundCanna is a leading source of funding to the cannabis industry. Products include revolving credit facilities, inventory and vendor financing, bridge capital, and custom financing programs across the entire cannabis supply chain. FundCanna has underwritten roughly 3,000 applications that collectively represent over $6 Billion in annual sales, approved more than $300M and deployed well north of $100M across 40 states.
FundCanna clients have grown an average of 54% within a year of working with us. As a national funding source, FundCanna has built a solution that fits industry revenue cycles offering flexibility for cash flow to fuel growth. Funding products are customizable, flexible, renewable and reliable, designed exclusively for cannabis operations and ancillary companies. Banks and complementary solution providers partner with FundCanna to offer access to capital that they don’t traditionally offer, making those customers happy and more likely to stick with the financial institution. FundCanna has designed products that work for their clients and partners, repeat funding rates from FundCanna clients exceed 300%.
About BLAZE
Founded in 2015 by technology and cannabis entrepreneurs, BLAZE powers cannabis retail operations with intuitive technology solutions. The award-winning BLAZE software suite provides point-of-sale, delivery, e-commerce, mobile apps, and integrated payments to cannabis retailers across North America. Built for enterprise-level retailers, BLAZE continues to set the gold standard for customer service and innovation.
BLAZE received SOC 1 and 2 type II certifications in 2023, strengthening their position as a trusted leader in the cannabis technology industry. BLAZE has ranked in the Inc. 5000 Fastest Growing Private Companies in 2023 and 2024.
Media Contact Information
For more information, contact
Avnita Gulati, CMO, FundCanna at media@fundcanna.com
About FundCanna, visit https://fundcanna.com/
About ReadyPaid, visit https://readypaid.com/
1. Source: Whitney Economics, Cannabis Delinquencies: An Existential Threat to the U.S. Cannabis Industry.
