Cannabis-focused commercial lender,
Bespoke Financial, confirmed Monday it has completed an $8 million Series A funding round, co-led by Snoop Dogg’s Casa Verde Capital and Sweat Equity Ventures.
What Happened
The round was also supported by Ceres Group Holdings, Greenhouse Capital Partners, DoubleLine Capital’s co-founder and ex-president Philip Barach, and New York venture capitalist Robert Stavis.
With the latest raise, the company’s total funding now surpasses $28 million.
“Bespoke’s loan origination volume has grown exponentially, financing over $120mm in GMV with zero defaults to date,” the company noted, adding it has come to have a credit performance database with more than 2,000 cannabis license holders.
Cannabis lender Bespoke Financial raises $8M from Casa Verde Capital and Sweat Equity Ventures
Cannabis financing company Bespoke Financial today announced it raised $8 million in a Series A financing round. Through this round, the company brought new, key investors into its corner as it fights to bring financing solutions to companies in the cannabis space.
Bespoke is a direct lender and provides several financing solutions to companies operating in cannabis. These short-term loans allow the companies to build credit with Bespoke, which then offers better terms on subsequent loans and products. The company says its loan origination volume has grown exponentially, outgrowing forecasts by 25% over the proceeding year. The company has deployed $120 million in gross merchandise volume over 2,000 cannabis license holders, with zero defaults to date.
By Staff
A new Maine company plans to build a plant that will sequester carbon from Maine forests at the former Great Northern paper mill site in East Millinocket.
Standard Biocarbon Corp. has signed a letter of intent with the East Millinocket Industrials Inc. board of directors to site a pyrolysis plant at the former mill site. If completed as planned, the plant would convert low-grade biomass into biocarbon, the carbon component of wood.
The company said in a news release it s the first step in establishing biocarbon as a viable sustainable forest products industry in Maine, one that will also help cool the planet.