Cannabis Businesses Have More Access To Capital Via New FundCanna & Dama Partnership

FundCanna, a provider of capital to the cannabis sector, has teamed up with Dama Business Solutions.

Why It Matters

The new partnership, which will benefit both cannabis operators and financial institutions that serve them, provides expanded access to capital and compliant banking and lending solutions to cannabis businesses, FundCanna officials said on Monday.

See also: Cannabis Business In Trouble? Learn About Accessing Capital, Get Back On Track With Canaccord

Dama is one of the cannabis industry’s providers of access to banking and financial services, powering safe and secure depository solutions for licensed cannabis operators, as well as providing access to electronic consumer payment solutions.

"Banking and access to liquidity is a basic requirement. Our partnership with Dama gives their clients access to the required solutions for both their capital and banking needs in one unified solution," Adam Stettner, founder and CEO of FundCanna said.

He explained that the average FundCanna client has grown 54% in less than a year of collaboration.

"We are bringing our suite of funding products to unlock growth for Dama's clients with an integrated solution," Stettner continued. "Together, we will empower cannabis companies to achieve their financial and business goals."

Cannabis Needs More Investments

Access to capital has been a challenge for businesses operating in the cannabis industry since its inception.

Morgan Paxhia, a co-founder and managing director at Poseidon Investment Management told the audience at the April Benzinga Cannabis Capital Conference in Florida that the space needs "to see good investments being made, entrepreneurs being realistic about the valuations and building good companies… and not being afraid to hit the bit.”

The 19th Benzinga Cannabis Capital Conference is returning to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

Now read: FundCanna Partners With PayQwick To Support The Cannabis Industry With ‘Fast, Simple Access To Capital’