DENVER — The innovative group behind Suite 420 Solutions announces the official launch of Suite 420 Access and that Tavarres King, former NFL wide receiver and entrepreneur, will join as CEO of this new organization. Suite 420 Access is a finance company committed to supporting minority business owners in the cannabis space by providing equitable access to capital. In turn, this will create opportunities for more entrepreneurs to make a positive and lasting impact on individuals, businesses and their communities.
“There has been systemic, unequal access to capital in the cannabis industry, and other industries, which shows that business ownership is disproportionate by race,” notes Tavarres King, CEO of Suite 420 Access. “What people don’t realize is that most minority cannabis entrepreneurs are often forced to sacrifice equity to get funding for their businesses. At Suite 420 Access our focus is to put dollars into a business, enabling owners to be more self-sufficient by retaining ownership of their business. We’re not asking for a piece of the pie; we just want to make sure the pie gets baked.”
Cannabis entrepreneurs are already faced with unique challenges due to the nature of this industry, and those that are minority-owned face even more difficulties, especially with regard to financing support. Instead of losing equity and diluting interest in their own businesses, Suite 420 Access provides creative and advantageous solutions to help entrepreneur-owners maintain control of their businesses and thrive.
Since Colorado was one of the first two states to legalize recreational cannabis in 2014, the industry has grown at incredible speed, creating more jobs and opportunities, and continued growth is expected in the near future. Many consumer product companies including cosmetics, food and beverage, pharmaceutical, even pet products, are exploring the range of possibilities by incorporating cannabis into their brands, along with hemp-derived and CBD products, which can legally be sold online and shipped across all 50 states in the U.S.
“We created Suite 420 Access to specifically address the widespread challenges that many minority-owned cannabis companies often face, and are thrilled to have Tavarres King in charge of driving this important initiative,” noted Jeff Barnett, co-founder and CRO. “By offering timely capital solutions, we’re empowering entrepreneurs to develop their businesses during an exciting time of expansion in this industry.”
Suite 420 Access is growing quickly, with plans to increase capital lines to more minority-owned cannabis businesses in the coming year. The company already works with a range of businesses representing different sectors, including Eden Enterprises of Oakland, CA, a vertically integrated cannabis company, which to date, has received the largest debt capital facility. “Finding financial support from a group like Suite 420 Access that understands the industry and our business goals is absolutely crucial, and will make all the difference in our future success,” said Shareef El-Sissi, CEO of Eden Enterprises.
Future plans include significant partnerships and involvement with key organizations working to further social equity efforts in the industry.
About Suite 420 Access and Suite 420 Solutions
Suite 420 Access was created to provide equitable access to capital for minority-owned cannabis companies. By providing much-needed capital, as well as strategic guidance and resources to this underserved business community, entrepreneurs will be empowered to thrive and make meaningful contributions on a local, regional and national level.
As a pioneer in cannabis-industry financing, Colorado-based Suite 420 Solutions is one of the first direct lenders to this industry. The company provides debt capital (loans) to businesses to drive growth and valuation, while allowing owners to retain maximum equity and profit. Passionate about cannabis and an ardent supporter of the abundant wellness benefits of this emerging industry, the highly experienced team is helping to advance and legitimize this industry by providing the resources needed for long-term success. To learn more, go to Suite 420 Access and Suite 420 Solutions.