ICANNIC is on the path to becoming iconic. This up-and-coming cannabis cultivation business is one of the newest and most exciting additions to Sacramento’s cannabis community. Born from the hard work of three owner/operators, ICANNIC is the definition of a bootstrapped company.
Growing a business isn’t easy. ICANNIC is now growing rapidly, but ask any startup owner: the first few years have their rough spots. While the company has now been harvesting and generating revenue for a year, the path to get there took work. Here’s how ICANNIC has traveled from startup to sudden success — and what help they found along the way.
The History of ICANNIC
ICANNIC began in May of 2018. The three founders had to travel a long road to gather the permits, materials, and locations necessary to even start thinking about their first crop. However, by September of 2019, they were ready to go. The company saw its first harvest in January 2020, and they were officially making revenue by February of that same year.
The rough period between founding and profit is a time that every cannabis business faces. There’s all too often a long delay from inception to actually getting permission to operate. Even once the business is up and running, working capital constraints can really make it hard to grow.
The Funds ICANNIC Needed
As a cannabis cultivation facility, ICANNIC had to meet specific operation guidelines before the state of California would issue a license of operation. Cannabis facilities need lighting rigs, HVAC systems, seeds, growing media, and more just to get to the first harvest.
While the ICANNIC founders did their best on their own (one founder sold his prior successful business, another mortgaged his home, and their third partner slept in a camper in the facility parking lot), they eventually ran into working capital constraints that are common to the seasonal nature of cultivation businesses. They had gotten the facility approved, but it was still only half-constructed. They were operating out of just a single room. To keep working, they needed extra funds to get a genuine, industrial-quality HVAC system, in order to significantly improve their harvest yield
Why ICANNIC Chose Bespoke
The solution to doubling their harvest potential? A line of credit (LOC) from Bespoke. Unlike other lenders who shy away from funding THC businesses, Bespoke had no problem offering them access to funds. For startups with some track record, Bespoke makes the lending process easy.
That LOC has helped ICANNIC succeed beyond their wildest expectations. Instead of having to navigate the complicated revenue generation of a cannabis business, the company got access to regular funds through the LOC.
The result? ICANNIC has just expanded into a new 27,000 square-foot facility in Sacramento that will be run parallel to their current operation, and it’s scheduled to open later this year. Bespoke helped them get the funds they needed to succeed.
Bespoke Can Help You, Too
If you’re considering following in ICANNIC’s footsteps, you’re probably prepared for the amount of work it will take. By working with Bespoke, you can guarantee that your business won’t suffer just because of a lack of funds. Whether you’re looking for a LOC or other types of cannabis business loans, Bespoke’s financial services can keep your cash flow steady and your business thriving.