Automated financing platform Lendica, which works specifically with the cannabis, hemp, cannabidiol (CBD) and other high growth industries, is now announcing a suite of partnerships to help those kinds of businesses access capital, a press release said on Thursday (April 1).
The release lists the numerous partnerships Lendica has recently undertaken: Treez, an enterprise retail supply chain software company; Abaca, a compliance banking platform; Petalfast, a full-spectrum sales accelerator and marketing agency for the cannabis industry; and High Purity Natural Products, an integrated manufacturer and distributor of CBD and hemp products, the release said.
Lendica’s proprietary application center will be able to help dispensaries, brands, cultivators and other like businesses connect data seamlessly. The release said that the more data a company shares, the more capital they’re likely to qualify for.
Lendica provides a customer with two working capital products as well as an inventory finance offering. The customer fully owns any data collected, the release noted.
Lendica CEO Jared Shulman said the platform was intended “to help businesses across all high growth industries reach scale faster with short-duration capital,” and praised the new partnerships.
“We are thrilled to partner with these industry leaders and have seen firsthand how their customers can instantly benefit from additional, nondilutive financing,” he said of the new partnerships. “This suite of partnerships helps cover a wide variety of businesses — whether it is a Petalfast/High Purity customer needing help turning over inventory quicker or an Abaca/Treez user that wants instant access to working capital. We are proud to be trusted by these expert platforms and are excited to extend our partnership model to point of sale, digital marketing and payment processors.”
Legal cannabis companies have long had to rely on cash for their B2B and B2C payments because banks are unwilling or unable to provide services. This opens the companies up to risks of security, cash flow management and more.
This is becoming less of an issue now as banks and credit unions explore new ways to get important financial services and products.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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