June 25, 2024
Quickly's Early Payment Program has been the solution PURPLEFARM Genetics has always been looking for.
PURPLEFARM Genetics, an innovative cannabis producer, faced significant challenges in securing working capital to support its ambitious growth and international expansion. Traditional financing routes were closed due to industry restrictions, creating a critical need for a reliable cash flow solution.
Quickly introduced an Early Payment Program for PURPLEFARM Genetics, allowing them to receive early payments from their buyers in exchange for a small discount. This solution automated the payment process and integrated seamlessly with their existing accounting systems, providing the much-needed cash flow to support their rapid expansion.
Founded by Mitchell Alswiti, PURPLEFARM is a premier B2B craft cannabis producer that began operating under ACMPR medical cannabis regulations and obtained its full license in 2018. Headquartered in Johnstown, Ontario, PURPLEFARM is dedicated to producing premium craft cannabis, focusing on quality from the genetics of their crops to the soil they use. The company prides itself on maintaining craft cannabis standards while scaling operations, ensuring that each batch meets the highest standards of potency and terpene profiles. Through innovative techniques and a commitment to excellence, PURPLEFARM is at the forefront of the cannabis industry, growing the Future of High Culture.
With payment terms of 60-75 days and a meticulous production cycle that takes roughly 150 days, ROI on craft cannabis cultivation has a long lead time. As a cannabis company, PURPLEFARM struggled to access traditional working capital financing through government agencies or chartered banks due to industry restrictions and B lender offerings came with high costs and strict terms.
After learning about Quickly and its solutions, PURPLEFARM Genetics quickly saw the value in implementing an Early Payment Program. The decision to implement Quickly was driven by the need to improve cash flow without altering their existing processes significantly.
For PURPLEFARM Genetics, Quickly's enhanced visibility feature proved to be pivotal. By providing detailed insights into each invoice's status—from approval to payment scheduling—Quickly helped PURPLEFARM navigate the complexities of cash flow management more effectively. This transparency allowed them to not only anticipate financial needs but also to strategize around their operational expenditures and investment opportunities. With real-time data at their fingertips, PURPLEFARM could make agile decisions that supported their rapid growth and expansion into new markets.
Starting in early 2023, PURPLEFARM Genetics began utilizing Quickly to unlock earlier payments from their buyers. This initiative has enabled them to maintain cash flow for essential operational expenses such as insurance, utilities, and payroll. Since implementing Quickly, PURPLEFARM has expanded into Fredericton, New Brunswick, increasing their production capacity sixfold and growing their team from 20 to 100 employees. The ability to secure early payments has empowered them to pursue larger international customers, negotiate better terms, and expand their business without the burden of traditional financing constraints.
Mitchell Alswiti, Founder of PURPLEFARM Genetics, highlights the impact of this partnership:
“Having the support of Quickly has allowed us to secure larger contracts and expand into international markets. We no longer have to wait to get paid and this partnership has played a huge role in growing our business by 6x and our staff by 5x.”
PURPLEFARM Genetics has seen impressive results since implementing Quickly. The Early Payment Program has allowed them to manage their cash flow effectively, support their rapid growth, and secure large international contracts that were previously out of reach.
PURPLEFARM Genetics' partnership with Quickly has been transformative, providing the financial flexibility needed to continue their rapid growth and maintain their commitment to quality.
Are you interested in learning how an Early Payment Program could benefit your company? Contact us at Quickly to discover how you can also achieve improved cash flow and operational efficiency.
Kyle Friedman
Kyle is a seasoned entrepreneur with over a decade of experience leading innovative ventures. As co-founder and CEO of Quickly Technologies Inc., he's revolutionizing access to earned revenue for businesses, driving growth and efficiency.
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