Sweet Leaf Madison Capital (SLMC), a nationwide provider of tailored debt financing solutions for the middle-market compliant cannabis industry, added Baker Perkins to its preferred vendor program. Baker Perkins is a food processing equipment supplier providing technology integral to food manufacturers across the bakery, confectionery, food extrusion, breakfast cereal, pet food and biscuit, cookie and cracker sectors.
Spurred by the growth of the cannabis- and nutraceutical-infused industry, Baker Perkins formed its newest division, Infusent, to provide new and unique equipment and service solutions for those sectors. As a participant in SLMC’s lending platform, Infusent is able to provide its customers with competitive, non-dilutive financing to fund equipment purchases, allowing those clients to spread their capital across a broader range of business needs. In addition, SLMC’s preferred vendor program helps participating vendors gain a competitive advantage by increasing their sales velocity.
“As the cannabis and infused space continues to expand in size and script, there is an increasing need for support products and services from companies outside the cannabis industry,” Andrew Kaye, chief commercial officer of SLMC, said. “Companies like Baker Perkins rely upon traditional financial services to help their customers manage equipment purchases, and that is no different when those customers fall within the cannabis industry. SLMC’s Preferred Vendor Program enables Baker Perkins to better serve all companies.”
According to cannabis industry market analyst firm BDSA, cannabis-infused foods comprise only about 13% of dollar volume of the total cannabis market in the United States, currently estimated to grow to $27 billion in 2022. However, growth in the infused-products category is outpacing others in the industry, and that market share is expected to increase to 15% by 2025. Most recently, voters in both Maryland and Missouri approved the sale of adult-use cannabis products in their states, which will continue to increase the demand for Infusent equipment.
“Our customers spoke and we listened. They depend upon an ability to acquire and install our equipment to meet market demand and expand their business,” Tony Gonzalez, marketing development director of Infusent, said. “This creates difficulties for a lot of our customers that are not given access to traditional banking solutions, and we understand this. We are excited to offer a solution and join SLMC’s preferred vendor program as one of our various, convenient and trusted financing options that can help facilitate the purchase of critical equipment to help promote ongoing growth for our cannabis industry customers and other industries we serve.”
