Good Tree is a groundbreaking cannabis company that cultivates, manufactures, sells, and delivers their products from multiple dispensaries located throughout Los Angeles and Oakland, California. By cultivating and manufacturing their own cannabis products, Good Tree cuts out the middleman and provides high-quality products at affordable prices.
Presented With a Challenge
With the cannabis industry currently booming, there’s a lot of new competition. Staying relevant and evolving with the consumer climate is vital for Good Tree’s long-term survival.
During the COVID-19 lockdowns, the demand for cannabis delivery soared. Good Tree had to quickly adapt to new regulations by expanding their delivery service to meet the considerable demand. They wanted to make sure their products could be delivered quickly and safely without sacrificing quality.
To achieve their goals, Good Tree would need funding, but many national banks still don’t provide cannabis financing.
A Possible Solution
Due to cannabis being federally illegal, it can be very difficult and costly to get a line of credit from national banks. However, Bespoke Financial specializes in financing cannabis companies. Bespoke Financial offers flexible financing options that include inventory financing, purchase money financing, and invoice financing.
When Good Tree first came to Bespoke Financial, they were offered a $50,000 line of credit for inventory. When Good Tree’s sales soared during the pandemic, Bespoke Financial scaled up their line of credit. Now Good Tree has a $1,000,000 general line of credit through Bespoke Financial.
Financing through Bespoke Financial is fast and easy. Our clients don’t have to worry about repetitive capital fundraising or dilution of ownership. Good Tree worked hard to build their business, and they deserve to maintain ownership of it.
Good Tree has continued to thrive in a saturated market due to their ability to provide cash on delivery to their cannabis distributors.
Due to the general line of credit provided by Bespoke Financial, Founder Rashaan Everett stated that Good Tree, “Increased agility. We’re more aggressive with our purchasing, which enables us to scale and grow faster. Additionally, Bespoke has helped streamline our buying SOPs. For example, eliminating cash from the purchasing process is a tangible benefit and provides vendors, accountants, and investors with more transparency and peace of mind.”
With over 60,000 customers in California, Good Tree continues to be a leader in the cannabis industry. Because they now have enough capital to focus on both quality and expansion, the Good Tree brand is on track to continue its growth well into the future.
Bespoke Financial for Your Cannabis Business
Achieving results like Good Tree’s shouldn’t have to be a financial burden. Financing through Bespoke Financial can help your business thrive. Upon completing an application, you can get approval within a week. Funding through us is flexible and scalable.
For more information about what Bespoke Financial can do for you, contact one of our knowledgeable financial experts today. If you’re ready to apply, you can complete our application online anytime, day or night.