A lack of business acumen and regulatory compliance issues often plague businesses, resulting in slower growth and an increased rate of errors
LOS ANGELES, Sept. 14, 2021 (GLOBE NEWSWIRE) – Bespoke Financial, the country’s first cannabis-focused fintech lender, has partnered with GreenGrowth CPAs, a leading cannabis company CPA, to provide improved financial reporting in the industry by providing integrated, outsourced CFO services to cannabis companies looking for funding opportunities.
According to the US Bureau of Labor Statistics, approximately 20% of small businesses fail within their first year of operation and up to 50% fail in their fifth year of operation. In any industry, a lack of business acumen can present major challenges. But in the cannabis space, with its intricate web of state and local laws, failing to keep business records or not complying with all regulatory requirements can prove a costly mistake. These accounting missteps can at best limit a company’s access to capital. In the worst case, they can be potentially business-damaging mistakes.
“Whether grower, retailer or manufacturer, cannabis entrepreneurs start a business because they are passionate about the industry and what it can bring,” said George Mancheril, founder and CEO of Bespoke Financial. “But as in so many industries, these business owners often lack the knowledge or experience of running a business, and they don’t keep adequate financial records or even don’t pay attention to critical tax matters.”
Unfortunately, many cannabis business owners don’t even realize they have a problem until it’s too late. The partnership between Bespoke Financial and GreenGrowth CPAs will help these business owners and provide the accounting resources needed to get them on track for financial growth.
“So many cannabis entrepreneurs do not yet have the resources or expertise to manage the technical finance side of the company,” said Derek Davis, founder of GreenGrowth CPAs and certified accountant. “In the struggle with compliance and regulations, they are taking valuable time away from their core competencies in running the business, and often do so without the knowledge necessary to get the job done right. In the end, the business suffers in several ways. “
Under the new partnership, applicants wishing to use a Bespoke line of credit who lack the required financial reporting will have the opportunity to use GreenGrowth’s specialized accounting services. In addition, current Bespoke customers can utilize GreenGrowth’s outsourced CFO services to make it easy for the company to comply with all regulations and enable more stable growth for the company and industry over the long term.
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“It’s unrealistic to believe that every cannabis entrepreneur has all of the business skills necessary to start, grow and scale a business,” said Mancheril. “By providing these resources on a case-by-case basis, we believe this partnership will help improve financial literacy across the cannabis industry and that will be a positive development for everyone.”
Bespoke Financial will be an official sponsor at the Hall of Flowers in Santa Rosa from September 22-23.
About tailor-made finances
Founded in 2018, Bespoke Financial is the first licensed fintech lender in the country to focus on the cannabis industry and focus on bridging the gap between institutional investors and cannabis. Led by a world-class team of experts in the fintech and cannabis industries, Bespoke Financial provides its clients with access to working capital by offering short-term credit options to fuel business growth in the legal cannabis industry, reduce cash flow cycles and provide cannabis companies with more financial flexibility. The company is backed by well-respected venture capital firms such as Casa Verde Capital, Greenhouse Capital Partners, Outbound Ventures, Vista Investment Group, Ceres Group Holdings and Sweat Equity Ventures. For more information, visit www.bespokefinancial.com or contact us on LinkedIn.
About GreenGrowth CPAs
GreenGrowth CPAs is the leading CPA firm providing tax, accounting and advisory services to the cannabis industry. As the largest cannabis-focused CPA company in the United States, the unmatched institutional knowledge of GreenGrowth CPAs helps cannabis operators and investors lower their tax burden, increase revenue, and conduct transactions such as capital increases, M&A deals, and IPOs / RTOs. GreenGrowth CPAs serves over 600 clients, including everyone from startups to Multi-State Operators (MSOs), in the adult legal and medicinal cannabis markets in the US and around the world. Learn more at: www.greengrowthcpas.com
Contact: Jim Dissett
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