Bespoke Financial, a Los Angeles, CA-based lender providing debt financing to cannabis companies, closed a $8m Series A funding, bringing total funding to date to over $28m.
The round was co-led by Snoop Dogg’s Casa Verde Capital and Sweat Equity Ventures with participation from Ceres Group Holdings, Greenhouse Capital Partners, DoubleLine Capital’s Co-Founder & Former President Philip Barach, and New York venture capitalist Robert Stavis.
Founded in 2018 by CEO George Mancheril, Bespoke Financial ia a licensed commercial lender focused on the cannabis industry. The company provides clients access to working capital by offering short term lending options to accelerate business growth in the legal cannabis industry, reducing cash flow cycles and providing cannabis companies financial flexibility.
Bespoke’s loan origination volume has grown exponentially, financing over $120mm in GMV with zero defaults to date while amassing a credit performance database tracking over 2,000 cannabis license holders across the country.
The company intends to use the funds to extend flexible financing options across a variety of distribution channels and launch new financing structures specifically designed for the industry’s changing needs as it continues to mature.
FinSMEs
19/04/2021