Marijuana fintech company raises $125 million to fund growth

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Los Angeles-based financial technology firm Bespoke Financial said it closed on a $125 million credit facility with institutional investors to increase its lending capacity.

Exact details of the credit facility weren’t disclosed.

“This added lending capacity demonstrates that more institutional investment firms are recognizing the cannabis industry’s potential,” Bespoke Financial CEO George Mancheril said in a news release.

“Institutional investors are chasing high yields and seeking to minimize volatility, especially through investments that are not subject to future COVID-related market disruptions.

“Cannabis debt financing checks all of these boxes.”

Bespoke provides a technology platform and data-driven application process to help licensed cannabis operators access financing quickly.

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The company, founded in 2018, operates in 12 regulated markets from California to Maine, financing lines of credit in amounts as large as $15 million.

Bespoke Financial is backed by such venture capital firms as Casa Verde Capital, Sweat Equity Ventures, Greenhouse Capital Partners, Outbound Ventures, Ceres Group Holdings and Vista Investment Group.