Bespoke Financial with CEO & Co-Founder George Mancheril
Bespoke Financial with CEO & Co-Founder George Mancheril today on Blunt Business only on Cannabis Radio. Our next guest runs the first licensed commercial lender in the United States focused on the legal cannabis industry, offering short-term lending options to fuel business growth. Bespoke Financial is a VC-backed financial solutions provider that offers custom-tailored funding within the niche business environments of the cannabis industry. They provide immediate access to liquidity for the enhanced cash flow that is so important for growth. Notably, in October of 2019, the venture capital firm co-founded by Snoop Dogg, Casa Verde Capital, led Bespoke Financial’s $7 million funding round. Talk to me about the level of capital and investment that is available out there that a firm like yours is able to bring in. Considered a fintech company, Bespoke offers cannabis cultivators, distributors, brands, and more access to short-term loans via invoice and inventory financing.
Invoice loans offer companies upfront capital while they wait for their invoices to be paid, while inventory financing is designed to ensure dispensaries are able to keep their shelves stocked. Cannabis stocks are well up from where they were in March when investors dumped riskier assets and dashed for cash at the height of worries over the pandemic. At that time, the New Cannabis Ventures Global Cannabis Stock Index dipped below 20; it’s now around 75. Shares have recovered a decent portion of the losses they sustained in 2019 when a good amount of froth got taken out of the market. A group of cannabis stocks got some attention from the WallStreetBets Reddit army that contributed to the epic short squeeze in GameStop, AMC, Blackberry, and others in February. We talk about when it comes to volatility being created in this fight between rebel investors and hedge funds, what should investors keep in mind to avoid the onslaught.