The Cannabis Equipment News team recently traveled to MJBizCon, held in Las Vegas from November 28 through December 1. At the show, we interviewed equipment manufacturers, cultivators, operators and new product developers to learn more about what they bring to the cannabis industry.
Access to capital in cannabis is limited, but Adam Stettner, CEO of FundCanna, is trying to change that.
Stettner has been in consumer and commercial lending for some 20 years, always on the lookout for underserved and underbanked populations. When cannabis was deemed essential during the pandemic, he looked into how the industry was banked. He saw a huge need.
Stettner says the cannabis industry is serviced by about 800 banks, most of which do a good job of deposit and treasury service, and some dabble in real estate lending. However, the industry is underserved when it comes to products like working capital for liquidity and inventory financing.
He says the industry lacks experience when it comes to leveraging debt. While debt is viewed as a "bad word" in this industry, he stresses that it is leveraged by companies in every other industry. He says there is no such thing as growth without discomfort, and debt can unlock a cannabis operator's ability to grow.
The next MJBizCon will be held from December 3, 2024, through December 6, 2024, at the Las Vegas Convention Center.