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FundCanna Secures $60M Credit Line to Expand Cannabis Lending

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Report: Indiana Residents Spend About $2B on Cannabis Annually Despite Prohibition  

Cannabis industry lending and financing solutions firm FundCanna announced this week that the company has approximately $75 million in equity, with $35 million immediately available, after securing a $60 million credit line from an institutional investment firm.

FundCanna’s new partner manages about $40 billion in assets, the company said in a press release.

“I’ve been lending to businesses for over 20 years, and cannabis has proven to be a stronger credit market than many expect. But it’s also one of the hardest markets to get right. The data is fragmented, the laws are inconsistent, and most lenders underestimate how diverse the cannabis industry can be. We’ve spent five thousand years building a space. That’s not easily replicated, and it’s a major reason that 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 wholesalers get paid in advance while bulk buyers can get extended terms.

FundCanna says it has distributed more than $250 million in more than 5,000 transactions and is approaching $100 million in annual lending.

Based in Portland, Oregon, Graham is the editor-in-chief of Ganjapreneur. He has been writing about the legalization landscape since 2012 and has contributed to Ganjapreneur since our official launch in…

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Lollapalooza Partners with Cannabis Brand to Bring THC Drinks to the Festival for the First Time 

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Lollapalooza Partners with Cannabis Brand to Bring THC Drinks to the Festival for the First Time 

Cannabis-infused drinks will be available at Lollapalooza for the first time this year as part of a partnership with RYTHM, Inc., makers of Señorita. During the festival, Señorita will offer the Mango Margarita and the Lime Jalapeño Margarita at select General Admission Cocktail, General Admission Plus and VIP bars throughout Grant Park.

In a statement, Ben Kovler, chairman and interim CEO of RYTHM, noted that “Chicago is Señorita’s hometown, so this partnership feels like coming home.”

“Lollapalooza has shaped music culture for more than three decades, making it the perfect place to introduce 21-plus fans to Señorita, which offers a premium THC, non-alcoholic option for festival-goers.” — Kovler in a press release

In addition to being named the official beverage partner for the festival, RYTHM is also the official THC beverage partner for Navy Pier, and available at multiple locations including The Salt Shed, and an on-site footprint at Windy City Smokeout, Sueños Music Festival, Chicago Pride Parade and Taste of Randolph.

In January, the company has entered into a multi-year partnership with the United Center, which was the first in the US between a major arena and a cannabis brand to offer THC drinks to concert and live event attendees.

Ganjapreneur: Providing everyday knowledge since 2014, the leading digital business magazine for cannabis industry professionals. to join our community of over 40,000 weedpreneurs.

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Massachusetts Election Officials Reject Latest Challenge of Legalization Repeal Question

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Massachusetts Election Officials Reject Latest Challenge of Legalization Repeal Question

A challenge to the voting initiative that seeks to repealing adult-use cannabis laws in Massachusetts was rejected Tuesday by the State Voting Law Commission, NBC Boston reports. The challenge from the Stop the Repeal campaign alleged that many signatures were “fraudulently obtained,” were not “genuine,” were “illegible” and excluded required addresses or included missing marks, and that the Coalition for a Healthy Massachusetts failed to submit the required 12,429 certified signatures.

To keep the question from appearing on the November ballot, the commission would have had to agree to disqualify 123 signatures, but it concluded Stop the Repeal had not met its burden of proof that the signatures were illegally obtained or otherwise disqualifying.

The commission declined to disqualify 231 signatures because of the missing signs, saying the signs appear mostly on the back of petitions and “do not appear to be intentional signs and do not provide voters with any information.”

“Instead, they are erroneous pen marks that have no material effect on the remainder of the content of the petition.” – Massachusetts State Voting Law Commission via NBC Boston

The commission refused to invalidate another 99 signatures that Stop the Repeal argued were “non-genuine”, with one person signing multiple names. The commission said the campaign did not “prove by substantial evidence” that the signatures were signed by the same person.

The commission ordered the question to appear on the ballot in November.

Ganjapreneur: Providing everyday knowledge since 2014, the leading digital business magazine for cannabis industry professionals. to join our community of over 40,000 cannabis entrepreneurs.

TG joined Ganjapreneur in 2014 as a news writer and began hosting the Ganjapreneur podcast in 2016. He is based in upstate New York, where he also teaches media at a local university.

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Michigan Cannabis Brand Forced to Close After Investigation Finds Inventory Discrepancies, Out-of-State Transport   

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Michigan Cannabis Brand Forced to Close After Investigation Finds Inventory Discrepancies, Out-of-State Transport   

A Michigan cannabis company has been ordered to shut down permanently after an investigation by regulators found that the company shipped its products to Massachusetts, discrepancies in their inventory, unlabeled products at their facility and other violations.

Ground Control Michigan, LLC, which operates as GCM Waypoint, must surrender its license by next week as part of a consent order with the state Cannabis Regulatory Agency (CRA), to which the company waived its right to a hearing and did not contest the claims.

In the complaint, the CRA found that a GCM employee personally transported 249 cannabis products from Michigan to Massachusetts for a cannabis conference, in violation of state law. In a statement, CRA executive director Brian Hanna said the agency was assisted by Michigan State Police and Massachusetts Cannabis Control.

“The conduct uncovered through this investigation was egregious and cannot be tolerated in Michigan’s regulated cannabis market. Those who engage in conduct of this nature should expect the CRA to respond decisively and pursue the strongest actions available under the law.” – Hanna in one press release

During an investigation at the GCM facility, investigators found several inventory discrepancies, including 32,250 heat cartridges that had previously been seized by state police but labeled as received in the business’s inventory; 360 boxes of vape cartridges that were found to be empty boxes; and two unlabeled 1-liter distillate bottles, according to complaint. Investigators also noted “hours and even days” of lack of surveillance at the facility.

The GCM investigation began in March.

Ganjapreneur: Providing everyday knowledge since 2014, the leading digital business magazine for cannabis industry professionals. to join our community of over 40,000 weedpreneurs.

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