How can a cannabis collection agency help your business?

At CannaBIZ Collects, we pride ourselves on being the first and leading cannabis debt collection agency, dedicated to helping businesses in the cannabis industry recover outstanding debts while navigating the unique legal and regulatory challenges of this rapidly evolving field. Our Frequently Asked Questions (FAQs) section is a valuable resource for clients and potential partners, providing insight into our comprehensive debt recovery solutions and compliance expertise. Whether you're curious about the debt collection process specific to the cannabis industry or seeking answers to common queries about our agency's capabilities, our FAQs section is designed to offer clarity and transparency.

DEBT COLLECTION

  • A cannabis specialized collection agency is the top choice over retaining an hourly law firm or attorney. Since CannaBIZ Collects is purely a contingent agency you bear zero risk if your debtor either decides not to pay or does not have the funds to pay. Attorneys will bill you regardless of a successful outcome which can result in high legal fees without a successful result. Moreso, many business attorneys and law firms do not specialze in collections and are not the optimal bill collectors. CannaBIZ Collects is comprised with a commercial collection law background, but with the power, persistency and dominance as the leading collection agency in the cannabis and cbd industry.

  • CannaBIZ Collects is the best debt collection agency for cannabis companies. Founded with more than 35 years of collection industry experience and along side former cannabis operators. CannaBIZ Collects is uniquely equipped to handle every cannabis related accounts receivable issue throughout USA and Canada, both adult-use and medical.

  • CannaBIZ Collects is uniquely positioned to be the leader in cannnabis and cbd related collection matters for 2 reasons. #1: CannaBIZ Collects is the first and leading collection agency focused solely within the cannabis industry. This creates a major advantage in regards to our understanding, database and connections in the industry to yield a quicker and higher success rate than other agencies. #2: All claims received by CannaBIZ Collects is managed by Ross Gelfand, who has over years of commercial collection and collection law experience. Ross previously represented fortune 500 accounts such as Capital One and Honda, managing over 150 collectors and a full legal team.

  • CannaBIZ Collects understands how to successfully manage first party receivables while also understanding the importance of reputation and superb customer service in the cannabis industry. CannaBIZ Collects offers multiple options including hourly or contingency to handle first party receivables prior to the accounts needing to be sent to collections. With our large database of cannabis clients and database, we can utilize our own resources and network to ensure we do everything possible to get your accounts to pay prior to needing collection efforts.

  • CannaBIZ Collects typically is yielding around a 80%+ success rate depending on the quality of the claim. Since we have worked thousands of cannabis related claims, we know quickly if we are willing to take on a specific claim or not. This not only helps save us time and effort but also our client to make the best next decision as soon as possible. Our database and experience helps to ensure the highest success rate in the industry for cannabis related collections.

  • CannaBIZ Collects is the first and leading collection agency focused solely within the cannabis industry. This creates a major advantage in regards to our understanding, database and connections in the industry to yield a quicker and higher success rate than other agencies. Our agency understands how to speak the lingo specific to the cannabis industry while also being well connected to the good and bad actors in the space. More so we are able to provide our clients with various referrals and networking opportunities based on their needs since CannaBIZ Collects is heavily tied into the cannabis industry.

  • CannaBIZ Collects represent a wide range of different clients that are doing business in the cannabis and cbd industry. These range from any of the growers, producers, or distributors selling directly to dispensaries and retailers. Our firm also represents many ancillary cannabis companies including marketing agencies, staffing, grow supply, lighting, law firms, etc that are owed money from various cannabis and cbd clients.

  • If CannaBIZ Collects can't collect there is zero risk to our client. Since we are solely a contingency only agency, if we cannot collect, our clients don't pay. Period. In other words we take on all the risk to collect on an account and if we are unsuccessful the client can decide to take back the claim to write it off or has the option to escalate the matter to legal. We work with associated attorneys from across the country to litigate claims on behalf of our clients if we are unsuccessful with our collection efforts.

DEBT SETTLEMENT

  • Typically CannaBIZ Collects can settle a debt within 30 days. We work hard and fast to contact your vendor and finalize a settlement as soon as possible. CannaBIZ Collects assists in contact drafting and settlement agreements to ensure the settlement comes through without hiccups or delays.

  • Debt settlement is a much better solution than going into bankruptcy. Bankruptcy can lead to credit reporting issues and a negative public image in the future. By utilizing CannaBIZ Collect's debt settlement services, we can assist with alleviating your debt without the painful process of bankruptcy. In addition, since cannabis is still considered an illegal substance in the USA, bankruptcy is not available for plant touching cannabis companies and may lead debt settlement as your only option.

  • Debt settlement has no direct relation to your credit score with the various reporting agencies. Debt settlement is done privately between our client and the creditor, with CannaBIZ Collects as the mediator and negotiating party between the two.

  • There is no set and stone rule for the maximum discount on debt settlements. We consider this an art over a science. CannaBIZ Collects works to understand our client's current situation as well as the situations of their creditors. Depending on the two, CannaBIZ Collects works to reach the maximum discount to quickly and successfully settle the debt without delays or conflicts.

  • CannaBIZ Collects charges a contingency fee based on the total discount achieved on the settlement. This discount varies depending on the amount of debt needed to settle and the total number of creditors associated with the debt. Call CannaBIZ Collects today to inquire about debt settlement pricing.

  • We do not guarantee all of your debts can be settled for a certain percentage. Since we work solely on a contingency fee, the better we do for you, the better we do for us. However we are unable to guarantee the level of success since this is purely contingent on your creditors willingness to comply with our negotiations.

  • We do not guarantee the lowest fees for debt settlement. CannaBIZ Collects prides itself on quality and value-add versus cost. There are other firms that may charge a lower rate for debt settlement; however, they may not be able to achieve the level of discounts we have proven to achieve in this industry. Debt settlement is an art of negotiations and industry connections. We stand above the rest to quickly and effectively settle your debt at a very competitive market rate.

  • It typically takes us between 30-45 days to settle a debt. Payment arrangements and settlement negotiations can add time.

LEGAL NETWORK

  • CannaBIZ Collects has a specialized nation-wide legal network that consists of experienced attorneys and legal experts with in-depth knowledge of the cannabis industry. If our collectors are unable to recover your unpaid invoice, we can recommend escalating the claim to legal action.

  • If our collection efforts are unsuccessful and the debtor remains uncooperative, it may be advisable to involve our legal network. They can assess the situation and provide guidance on the best course of action.

  • Our legal network works on a contingency fee basis, which means they only charge a fee if they successfully recover the debt. This fee is a percentage of the amount collected. Please contact us to learn more about our rates and processes.

  • While legal action is an option, it is not the final step. Our goal is always to recover the debt as efficiently as possible. Legal action is pursued when other collection methods have been exhausted.

  • While you have the option to choose your attorney, working with our legal network ensures that you have access to professionals with expertise in cannabis debt recovery, which can be a significant advantage. By using our services, you will not have to pay an hourly fee and will only pay a contingency fee on the amount that is collected.

  • The success rate can vary depending on the circumstances of each case. Our legal experts will assess the viability of legal action and provide you with an honest assessment of the chances of recovery.

  • Yes, providing all relevant documentation, including the unpaid invoice, communication records, and any relevant contracts, can help our legal network assess the strength of your case and proceed more effectively. These documents will first be used by our team of debt collectors and then sent to our legal network when suing.