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In the United States, the marijuana business is booming bigger than ever before. With the country so close to the cusp of national legalization, infrastructure has been expanding rapidly in the 34 states where cannabis has already been decriminalized, with legal marijuana sales expected to surpass $22 billion by next year, and estimated to reach an astronomical $73.6 billion by 2027.
While many people desire to get involved in the lucrative business, finding working capital for cannabis can be incredibly difficult. Many financial institutions still carry outdated misconceptions surrounding marijuana, even if a venture passes this hurdle, the industry’s unique need for capital often prevents banks from supplying funds quickly enough. Now, fintech company KeefX.co has arrived as the go-to solution for businesses needing capital with the ability to provide funds within days, much quicker than any traditional banking institution.
Still, KeefX.co maintains working relationships with insurance and banking partners to ensure a completely secure process for its clients, and protects all of their assets with the company’s one-of-a-kind crop, equipment, and inventory insurance solutions.
“Our partners include banking institutions that support our fintech through their rails for our ACH tech and up-coming soft banking services platform,” said KeefX’s Director and Founder Isaac “Yitz” Klein, former managing member and co-founder of Family Office Gideon Asset Management in NYC. “It took a while for us to earn the trust of these institutions, but once our partners reviewed the built-in platform compliance features and KYC financial process, and financial capabilities of our customers, they were on board.”
Yitz likewise pointed out that partnering with KeefX.co allows banks to put their hands into the cannabis business through putting their capital alongside KeefX.co’s without having to open their own in-house divisions, something financial institutions have historically shied away from. After seeing just how much KeefX.co has accomplished, many larger institutions are now reaching out to work with the burgeoning company.
KeefX.co boasts the unique aspect of working directly with Growers, making sure they get paid consistently and in a timely manner, while immediately providing product to the company’s clients. Through its exclusive compensation scheme, both Growers and KeefX.co’s patrons benefit from the arrangement, with transactions starting as low as $50,000.
Led by KeefX.co’s team’s years of experience in growth capital, the company has already rapidly expanded during its first year in business to originate close to a million dollars in funding a month. As the cannabis business continues to explode to new heights, KeefX.co is set to remain the go-to source for working capital throughout the industry.
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