$3.8B+
Delinquent cannabis B2B receivables across U.S. operators at year-end 2023, projected to exceed $4.0B in 2024.
For financial institutions
Capital partners with operator authorization receive audit-ready views of inventory at dispensary, sell-through velocity, and AR aging on the cannabis B2B accounts they finance, the evidence cannabis lending due diligence has lacked.
The infrastructure gap
Cultivators and processors extend trade credit to dispensaries on net-30 to net-90 terms and rely on those receivables to fund the next production cycle. A meaningful share of those invoices ages well past due, and the chain from regulated transfer to retail sale to payment is not reconciled in any financial dataset.
$3.8B+
Delinquent cannabis B2B receivables across U.S. operators at year-end 2023, projected to exceed $4.0B in 2024.
56.3%
Of cannabis B2B delinquencies sit more than 45 days past due, concentrated upstream in cultivation and processing.
33% to 50%
Reported interest-rate range on cannabis operator credit, versus median U.S. business term loans near 7 to 8 percent.
Our contribution
Leonidas Credit is a platform-agnostic AR transparency and reconciliation platform for licensed cultivators and processors. It does not displace banks, factors, or credit bureaus. It produces the structured evidence that lets capital partners deploy cannabis credit with less guesswork.
Metrc transfers are matched to retail dispensaries and the originating supplier invoice, building a record from manifest to basket.
AR aging is calculated against the regulated transfer that created the obligation, not against an estimate or a self-reported balance.
The operator authorizes which accounts and time ranges a capital partner can view. Access is scoped, logged, and revocable.
Every figure resolves to a Metrc package, transfer manifest, and supplier record, with timestamps preserved in export.
Use Cases
The platform supports diligence, monitoring, factoring, and asset-based lending workflows for capital partners with cannabis exposure or active cannabis underwriting programs.
Validate revenue concentration, counterparty mix, and historical sell-through velocity against Metrc-linked records before committing capital.
Receive ongoing aging, concentration, and sell-through signals on permissioned operator accounts, with field-exam-ready exports on demand.
Evaluate invoice eligibility against reported transfer and sell-through data rather than operator-reported aging alone, sharpening advance-rate and reserve decisions.
Anchor borrowing-base reporting to inventory at dispensary and AR aging views that resolve to regulated transfer records.
Access model
Access to operator data by a capital partner is gated by an explicit operator authorization, not by platform default. Scopes, counterparties, and time ranges are defined in writing and enforced in the application layer.
The cultivator or processor signs a permissioning agreement that names the capital partner and defines the scope of the view.
A scoped, read-only workspace is provisioned for the capital partner, isolated from other operators on the platform.
The capital partner accesses dashboards and exports for the authorized accounts only, with activity logged.
Access rule
No capital partner sees operator data without the operator's named, written authorization. Authorizations are revocable at any time and revocation takes effect on the next session.
What you receive
Outputs are designed to drop into credit-committee memos, monitoring decks, and field-exam tenders without manual reconciliation.
Per counterparty and per invoice aging, refreshed on the operator's reporting cadence and exportable as CSV or PDF.
Units dispensed per day per SKU per retail location, sourced from Metrc retail events and tied to the originating transfer.
On-hand units of operator product still held at each licensed retailer, with last-known movement timestamps.
Revenue and outstanding AR concentration by retailer license and by retailer parent group.
Chronological view of regulated transfers from the operator, with manifest IDs, package IDs, and recipient licenses.
A single export bundling the above with source identifiers and timestamps, suitable for diligence files.
Trust posture
Leonidas Credit is built on Microsoft Azure and Power Platform, with role-based access, audited logging, and encryption in transit and at rest. The current product is engineered against established cloud-security controls. Formal third-party attestations are on the roadmap.
TLS 1.2+ in transit and AES-256 at rest within Microsoft Azure. Role-based access control, multi-factor authentication, and audited activity logs apply to every workspace.
Operator data flows to a capital partner entity under a named, written authorization that defines counterparties, scope, and duration. Revocation is enforced at the application layer.
Every figure shown resolves to a Metrc package identifier and a supplier record reference. Exports preserve those identifiers so external auditors can verify the chain.
Who it helps
Leonidas centers first on the operators carrying receivables risk today. Cleaner records create downstream value for financial institutions and regulators over time.
Get started
Capital partners with active or prospective cannabis underwriting can request a scoped evaluation environment and a sample audit pack.