A cohort of cannabis industry operators on Tuesday announced a coalition that seeks to raise awareness and offer solutions to severe credit issues that threaten the industry’s stability. The Financial Stability for California Cannabis (FSCC) includes Kiva Sales & Service, Lowell Farms, Nabis Sunderstorm and other key players in California’s cannabis industry which they say comprise 45% of the state’s industry by sales volume.
In a statement, Vince Ning, co-founder and co-CEO of Nabis, said “Collections and outstanding debt related to unpaid invoices are key challenges facing cannabis operators of all types across the state, from cultivators to manufacturers, vertical brands to wholesalers, and everyone in between.”
“Advocacy for solutions is largely an issue siloed to individual operators or specific sectors of the supply chain, which is why we are proud to be an instrumental part of the mission of the FSCC to demonstrate a more holistic, collective representation of the severity of the debt crisis across all levels of the supply chain, and work toward a more financially stable cannabis market.” — Ning in a press release
The group said it supports AB 776, “The Cannabis Credit Protection Act,” a California bill that