FundCanna, a provider of capital to small to medium-sized cannabis businesses, today announced a partnership with StandardC. StandardC is a business identity solutions company that works with banking and financial service providers to transform risk and compliance for cannabis banking, business banking, insurance, lending and payroll. StandardC has named FundCanna as its preferred lending partner.
The partnership gives cannabis businesses greater access to loans and lines of credit as well as a compliant avenue for lending.
"Working capital continues to be a hurdle for companies in the cannabis industry. We’re excited to collaborate with StandardC to provide its customers with the capital they need to succeed," said Adam Stettner, founder and CEO of FundCanna, in a statement. "FundCanna is proud to offer its expertise and tailored funding solutions to help provide cannabis companies with the same important capital solutions available to traditional businesses.”
Watch: CEN at MJBizCon: How Cannabis Operators Can Use Debt to Unlock Their Ability to Grow https://www.cannabisequipmentnews.com/video/video/22883054/cen-at-mjbizcon-how-cannabis-operators-can-use-debt-to-unlock-their-ability-to-grow
Securing financing has traditionally been a significant challenge for cannabis businesses due to federal regulations. With 20 years and $20 billion of on-balance sheet lending experience, FundCanna is committed to broadening lending access to customers across the nation by providing cannabis operators with access to banking and lending services that have historically been unattainable, either because of legal red tape or cost-prohibitive measures.
StandardC aims to streamline identity and compliance systems to empower financial institutions to deliver key customer service within complex regulatory systems, such as the cannabis industry.
Robert Mann, CEO of StandardC, said their combined expertise will provide tools to navigate the complexities of cannabis finance and bridge the gap between business owners, bankers and lenders.
FundCanna’s partnership with StandardC will provide a simplified application process and increased access to capital for growth for cannabis businesses, as well as enhanced risk assessment tools and streamlined compliance procedures to confidently serve the cannabis market for financial institutions.
The deal will also help streamline the loan application process by integrating StandardC's business identity technology with FundCanna's expertise in cannabis finance.
FundCanna recently announced a similar partnership with Greenbax Marketplace. A subsidiary of North Bay Credit Union, Greenbax also named FundCanna as a preferred lending partner.
