Inexperienced Market Report Acknowledges Leaders in Hashish Finance

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Constructing a stable basis for any enterprise requires sturdy monetary acumen. The 2023 class of Inexperienced Market Report Finance Award honorees, acknowledged on August 3 on the GMR Finance Summit in New York Metropolis, represents among the greatest and brightest on this area for the hashish {industry}.

Listed below are the award winners:

Prime Lady in Finance: Lynn Ricci, head of investor relations & communications, TILT Holdings

Whereas Lynn now serves as the top of investor relations and communications at TILT Holdings, her work to dive backside traces in a narrow-margin {industry} predates her present position. Earlier than becoming a member of TILT, she helped construct the investor relations infrastructure at Trulieve Hashish Corp. There Lynn led investor relations and company communications to assist the {industry}’s largest M&A transaction.

As well as, Lynn continues to push {industry} leaders to be extra accountable residents, together with directing the efforts to supply the hashish {industry}’s first ESG report. Most just lately, she was tapped by Nationwide Hashish Roundtable in January to assist drive their first CSR report, which is due out this month.

Prime Monetary Expertise: Kevin Hart, CEO & Founder, Inexperienced Verify Verified

Kevin’s visionary management and in depth expertise in enterprise software program have propelled Inexperienced Verify Verified to develop into the premier fintech supplier of compliant hashish banking options and companies.  Since its institution in 2017, the corporate has flourished, serving greater than 6,500 cannabis-related companies and partnering with greater than 130 monetary establishments.

With Kevin on the helm, GCV continues to push boundaries, increasing knowledge connectivity and offering actionable insights for hashish companies through its latest acquisition of Komplyd and providing hashish operators a full suite of economic options that handle their on a regular basis enterprise wants after its acquisition of PayQwick.

Prime Accountant: Nathan Summers, Principal, Miller Cooper

Nathan’s expertise with the hashish {industry} began when Illinois legalized hashish medically. Since then, he has helped promote and develop the {industry} nationwide. This consists of serving to social fairness license recipients discover their footing in an ever-changing financial market, consulting a multistate operator by means of the method of going public on Canadian change, and dealing with all kinds of corporations in between.

With a background in monetary reporting, Nathan companions with corporations establishing the infrastructure to correctly account for his or her transactions. He additionally has a robust core understanding of tax ideas and is a liaison bridging the hole between financial exercise and tax reporting to deliver worth to shoppers and {industry} normally. For instance, Nathan performed an element in advising the Illinois Division of income on the destructive impacts 280E has on the {industry}. This led to a legislation being handed in 2023 decoupling from 280E for Illinois earnings taxes.

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Prime Funding Agency: Entourage Impact Capital

Entourage Impact Capital is a enterprise capital agency targeted particularly on investing within the legalized hashish {industry}. In lower than 10 years, founder and managing associate Matt Hawkins fashioned an all-star group of strategic thinkers, together with co-founders, Dov Szapiro and Andy Sturner.

Since 2014, the agency has made almost 70 investments out of three funds and particular goal entities, starting from plant touching to science and know-how, together with TerrAscend, Inexperienced Thumb Industries,  Curio Wellness, and StateHouse Holdings – simply to call just a few.

The group additionally possesses the flexibility to remain forward-thinking and agile, adjusting to the wants of an ever-changing {industry}. For instance, the affect of continued federal illegality and the latest financial local weather have led even the sector’s strongest companies to contemplate main operational and monetary restructurings as they search profitability. EEC has stepped in to service these companies, working alongside elite {industry} legislation corporations to assist corporations navigate restructurings throughout a interval that may outline the {industry}’s future aggressive panorama.

Prime CEO: Sundie Seefried, Protected Harbor Monetary

After greater than 20 years with Accomplice Colorado Credit score Union, Sundie entered a hashish {industry} that was looking for a monetary id. She shortly realized that many corporations struggled to entry capital and got down to create a protected banking resolution for hashish manufacturers. Sundie guided Protected Harbor to success by navigating by means of a number of obstacles, together with 16 federal and state exams and an {industry} devoid of girls in management.

Regardless of these challenges, Protected Harbor has elevated annual income to greater than $10 million and offered greater than 1,000 companies with entry to depository and lending companies. In 2022, the corporate turned one of many few corporations in its subject to go public and debut on Nasdaq.

Sundie has used her success inside the hashish {industry} to empower others as nicely. She recurrently supplies hashish banking schooling to public officers, regulators, and monetary leaders. She additionally wrote a e-book on Protected Harbor’s compliance strategies that created transparency and constructed confidence throughout the board with regulators. Her efforts have lowered the concern that many had of banking the market and created extra entry to banking for hashish corporations throughout the nation.

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Prime CFO: Dennis Olis, Cresco Labs

Since Dennis Olis joined Cresco Labs in 2019, the corporate’s annual income grew from $129 million to $842 million, and its working earnings improved from a $34 million loss to a $57 million revenue. He transformed the corporate’s monetary reporting from IFRS to U.S. GAAP to organize for uplisting to U.S. exchanges and led the analysis, due diligence, and integration processes for eight acquisitions at a complete worth of just below $3 billion.

Cresco is navigating industry-wide pressures and taking steps to prioritize P&L power and money circulation. Dennis has performed an integral position in Cresco exiting low-margin companies in sure markets and investing in its branded portfolio and wholesale distribution to increase its successful manufacturers in new states, premiumize its portfolio, and broaden in segments the place the portfolio is under-indexed.

Modern Financing: Marco Eadie, Managing Director, O’Keefe

Since 2018, Marco has been a sell-side advisor, a buy-side consultant, and a debt advisor to a number of vertically built-in hashish corporations, MSOs, and personal fairness corporations. He has printed articles on hashish, introduced webinars, and final 12 months, hosted O’Keefe’s inaugural hashish seminar with keynote speaker Bob Hoban of Clark Hill and different {industry} thought leaders.

In a latest task, a creditor defaulted on a mortgage for the actual property of a giant hashish grower. The grower missed most funds even after the 2 events had restructured the mortgage a number of instances.     O’Keefe was employed on behalf of the creditor for turnaround and advisory companies to evaluate the viability of the enterprise. Via the method the receiver was capable of proceed to function the grower as a going concern whereas growing money from operations throughout a interval when pricing for hashish cratered.

Prime Funding Analyst: Vahan Ajamian, Capital Markets Advisor, Excessive Tide Inc.

Because the capital markets advisor for Excessive Tide, Vahan brings a formidable monetary background spanning almost 20 years, together with 5 years of hashish expertise as one of many first analysts to cowl the sector for Beacon Securities. He led Excessive Tide to changing into often known as the quickest rising retailer and hashish firm within the Americas, in keeping with the Monetary Occasions.

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Vahan’s strategic steering has been instrumental in Excessive Tide’s achievements, together with the institution of the biggest brick-and-mortar hashish loyalty program in Canada and their landmark place as the primary Canadian retailer en path to free money circulation positivity. Whereas rivals might wrestle, Vahan’s monetary acumen has propelled Excessive Tide to spectacular milestones, evident of their exceptional Q2 2023 income of $118.1 million.

Prime Lender: Candy Leaf Madison Capital

Candy Leaf Madison Capital was created in 2016 with a mission to assist the burgeoning hashish {industry} take flight by offering tailor-made debt financing options to the underserved center market of the {industry} from “seed-to-sale.” Possessing deep understanding and experience within the complexities, dangers, and alternatives of the {industry}, SLMC bridges the hole between hashish companies and funding wants.

SLMC creates tailor-made, asset-backed lending options within the type of actual property, gear financing, and senior secured time period loans. The benefit of this financing is that it allows companies to achieve their subsequent milestone of development, whereas not diluting fairness. On the time of its founding, SLMC was one in every of few lenders to embrace the hashish area, and it has since offered monetary companies to companies throughout all sectors of the {industry}.

In March, the agency secured a $100 million financing facility to proceed to service cash-strapped hashish companies. The infusion of capital comes at a time when ongoing {industry} funding challenges are driving a necessity for different sources of capital, guaranteeing that SLMC will proceed to have a consequential affect on the {industry}.

Congratulations to all the 2023 Inexperienced Market Report Finance Award winners!

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