US cannabis-focused fintech lender Bespoke Financial has partnered with accounting and advisory firm GreenGrowth CPAs to provide CFO services to businesses looking for financial help.
Applicants wishing to access a line of credit from Bespoke that do not have financial reporting capabilities will be able to engage GreenGrowth’s specialised accounting services, and engage its outsourced CFOs to ensure compliance with state and local regulations.
Bespoke CEO George Mancheril said: “Whether they are a cultivator, retailer or manufacturer, cannabis entrepreneurs create a business because they are excited about the industry and what they can bring to the table.
“But as is the case in so many industries, these business owners often lack the knowledge or experience of managing a business and fail to maintain adequate financial records or even pay close attention to critical tax matters.”
GreenGrowth CPAs founder and public accountant Derek Davis said cannabis entrepreneurs do not necessarily have the resources to manage the technical financial side of the business.
He added: “In the struggle with compliance and regulations, they are taking valuable time away from their core competencies to manage the business, and often doing so without the knowledge needed to do the job right. In the end, the business suffers in multiple ways.”
Mancherlin stated the aim of the partnership is to increase financial literacy across the cannabis industry.