Bespoke Financial, a first of its kind short-term lender focused on the cannabis industry, is pleased to announce the completion of a $7M round of financing led by Casa Verde, a venture firm that counts Snoop Dogg as a partner.
Bespoke Financial was launched in 2018 by co-founders Benjamin Dusastre, Pablo Borquez-Schwarzbeck and George Mancheril. Borquez-Schwarzbeck and Dusastre are also the co-founders of ProducePay, a fintech platform focused on produce farmers across North and South America. Founded in 2014, ProducePay has financed $2+ billion in perishable commodities to date, operates in 13 countries, processes thousands of transactions monthly and has raised over $200M in funding from some of the largest and most prominent investors in the world.
“Bespoke offers unique financing options to alleviate working capital limitations across the cannabis supply chain.”
Building off ProducePay’s successful business model to offer financing to a similarly underbanked industry, Bespoke provides unique financing options for the cannabis industry by incorporating ProducePay’s proven underwriting model, risk management controls and technological expertise in building a successful fintech platform.
“While the US legal cannabis market is forecasted to grow over 20% annually, reaching $23B by 2022, the industry’s true growth potential is limited by long cash flow cycles throughout the supply chain and a lack of scalable and efficient capital sources,” says Bespoke Financial Co-Founder and CEO, George Mancheril. “Our approach will dramatically improve cash flow cycles across the supply chain and provide scalable working capital to fuel our clients’ growth.”