The cannabis industry loans and financing solutions firm FundCanna announced this week that the company has roughly $75 million in capital, with $35 million immediately available, after securing a $60 million credit line from an institutional investment firm.
FundCanna’s new partner manages approximately $40 billion in assets, the company said in a press release.
“I’ve been lending to businesses for more than 20 years, and cannabis has proven to be a stronger credit market than many expect. But it’s also one of the most difficult markets to get right. The data is fragmented, the laws are inconsistent, and most lenders underestimate how different the cannabis industry can be. We’ve spent five years underwriting thousands of deals to build a real understanding of the space. That’s not easily replicated, and it’s a key reason institutional capital has chosen to partner with FundCanna.” — Adam Stettner, founder and CEO of FundCanna, in a statement
Some of the capital will go toward scaling the company’s ReadyPaid service, a loan program that helps wholesale sellers get paid upfront, while wholesale purchasers can get extended terms.
FundCanna says it has deployed more than $250 million across more than 5,000 transactions and is approaching $100 million in annualized lending.
