Oct 27, 2020, 12:12 ET
SANTA ROSA, Calif., Oct. 27, 2020 /PRNewswire/ -- NewTropic, a full-service cannabis manufacturing and supply chain solutions provider, today announced the establishment of an in-house credit facility. NewTropic will enable client brands to finance their raw materials and manufacturing when producing their products, freeing up capital for cannabis brands to invest in sales and marketing.
"Essentially, what we're offering is access to credit," says NewTropic CEO and co-founder Alex Rowland. "With federal prohibition still in place, every plant-touching business in California suffers from a staggering need for credit, along with the other hurdles that have been placed on our industry. By partnering with NewTropic and taking advantage of our finance offerings as well as our licenses, brands can disconnect from the plant-touching regulations and literally let us do everything from sourcing the raw cannabis to delivering the final product to the dispensary for sale."
Among the brand partners that have leveraged NewTropic's credit facility are Biscotti Brands, California's leading hash provider, and Stone Road, a sungrown pre-roll provider with an artisanal bent.
Stone Road CEO Lex Corwin says, "Working with NewTropic has been a true game-changer for us. We did more in September of this year than we did all in all of 2019, combined. Since we launched, we've really seen that the challenge is in keeping up with our own growth. It used to be that, between fundraising and sourcing flower, my day was gone. Now I can focus on launching new SKUs, and doing the marketing needed to drive sales."
Founded in 2016 and opening its doors in Santa Rosa in 2020, NewTropic operates two facilities just south of the famous Emerald Triangle cannabis growing region and has plans to expand its operational footprint in 2021 with the addition of a new 22,000-square-foot facility focused on hash and concentrates production. Offering a credit facility allows NewTropic to assist and support California's licensed cannabis market as it grows into maturity.
"This is a financing solution that allows brands to grow without constraints," Rowland says. "Partnering with NewTropic means you won't fall victim to your own success."
Located in Santa Rosa, CA, NewTropic provides professional-grade, fully compliant manufacturing and supply chain solutions to California cannabis brands, cultivators, manufacturers, and distributors. Learn more: www.newtropic.com
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