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Short Summary
In this educational episode of the Legacies Podcast, hosts Tom Ritchie and Wesley Bowles discuss the CannExec Summit, pre-roll packaging defects, Simply Bare’s organic Harlequin 1:1 pre-rolls, and the design patent acquired by Dave for Happle. They review wpit (Whomp It) glass performance videos showing highly resilient borosilicate bongs, and celebrate the dry flower category winners at the Grow Up conference (including Golden Goat by Origine Nature and Frosted Fruit Cake by Royal Harvest). The hosts welcome Joshua Reynolds, co-founder and CEO of We Can Capital, alongside partner Mike Schilling of Community Savings Credit Union. Joshua details the operations of We Can Capital, explaining how they provide compliant, transparent invoice factoring and working capital to licensed producers, resolving cash flow constraints with same-day payments on provincial purchase orders.
Tom Ritchie Says: Hey, what’s going on, everyone? Check out what’s coming up this week on Legacies.
Josh Reynolds Says: Wealth whispers; new money screams. The most successful cannabis operators I’ve worked with are very quiet—they keep their heads down, produce incredible products, and execute consistently.
Tom Ritchie Says: Electric Dave is hand-blowing Happles right in the studio—glassblowing is an art form!
Tom Ritchie Says: Welcome to Legacies! I’m your host, Tom Ritchie, joined by my partner, Wesley Bowles. Wes, good morning, sir! How are you?
Wesley Bowles Says: Good morning! Doing great—it’s been an incredibly busy week in the studio.
Tom Ritchie Says: First, let’s remind everyone that Legacies is powered by Breadstack. Retailers, it’s time to upgrade your e-commerce and local SEO. Breadstack levels the playing field for independent operators across Canada.
Tom Ritchie Says: Yesterday we recorded a special feature episode with Mike Downie, director of No Dress Rehearsal—the definitive documentary celebrating The Tragically Hip and the late, great Gord Downie. Watch out for that upcoming drop!
Tom Ritchie Says: The CANEXEC Summit is kicking off tomorrow in Toronto. Mike Elkin is organizing an executive dinner tonight, followed by two full days of high-level panels.
Wesley Bowles Says: I’m excited that CANEXEC is focused on candid roundtable discussions rather than sponsored pitch decks. It’s a true executive room focused on commercial viability and unit economics.
Tom Ritchie Says: Wes sent me a photo earlier this week of a major packaging fail on a pack of 1:1 pre-rolls he bought.
Wesley Bowles Says: I opened the pack and the twists were crushed—one pre-roll wasn’t even sealed, and loose flower had spilled everywhere inside the tin. I reached out directly to the brand’s customer support.
Wesley Bowles Says: Within 24 hours, their team followed up with a personal, empathetic response acknowledging the packaging defect. When consumers reach out, they aren’t just looking for free replacement product—they want genuine acknowledgement that their feedback matters.
Tom Ritchie Says: Responsive customer service protects brand equity. If an upset customer gets ignored on Instagram or email, they take their frustration to Reddit or Twitter. Acknowledge your consumers and make it right.
Tom Ritchie Says: Following our conversation with Dr. Ira Price about balanced cannabinoid profiles, I picked up a 5-pack of Simply Bare Organic’s BC Organic Harlequin (1:1 THC:CBD).
Tom Ritchie Says: The terpene profile and flavor are phenomenal, and the high delivers absolute mental clarity. If anyone in our audience knows of exceptional craft 1:1 or 4:1 balanced flower on the market, drop your recommendations in the comments!
Tom Ritchie Says: Shoutout to Electric Dave (@electric_dave), creator of the famous Happles hash pipe! Dave is securing design patents for his signature hand-blown studio pieces.
Wesley Bowles Says: The Happles are incredible for traditional hash consumption. It’s great to see an independent Canadian glass artist protecting their original designs.
Tom Ritchie Says: Have you seen the viral videos from Whomp It Glass? They manufacture bongs out of shock-resistant borosilicate glass that survive being driven over by trucks and smashed against concrete!
Wesley Bowles Says: It looks like a literal indestructible blunt-force tool. For anyone prone to breaking glass, that engineering is impressive.
Tom Ritchie Says: The 2024 Grow Up Conference took place this week, and the results from the Canadian Cannabis Championship dried flower category are officially in:
Tom Ritchie Says: 1st Place: Origine Nature – Golden Goat (Huge congratulations to Alex and the team in Quebec!).
Tom Ritchie Says: 2nd Place: Mauve Bijoux – Ripped Off Runtz.
Tom Ritchie Says: 3rd Place: Royal Harvest – Frosted Fruitcake (Cultivated by our brother Kevin Varner!).
Tom Ritchie Says: Knowing the palate of judges like Kirk Tousaw and Remo, the competition was razor-tight. Huge respect to all craft cultivators setting the benchmark across Canada.
Tom Ritchie Says: Today we are diving into a crucial topic that has crippled licensed producers: working capital, access to commercial liquidity, and cannabis banking. We welcome Joshua Reynolds of We Can Capital and Mike Schilling, President & CEO of Community Savings Credit Union!
Tom Ritchie Says: Welcome to Legacies, gentlemen! How did this partnership between We Can Capital and Community Savings come together?
Josh Reynolds Says: It was pure kismet. A mutual friend who runs a major BC licensed producer invited us to dinner in Vancouver. Mike introduced himself as the President & CEO of Community Savings, the primary credit union banking cannabis in British Columbia.
Josh Reynolds Says: I had spent years structuring asset-based working capital programs for LPs. When we met for a follow-up dinner, both of us were internally worried the other wanted to charge predatory private lending rates. Once we realized our ethical standards were identical—offering fair, transparent liquidity to help operators thrive—we built this program.
Mike Schilling Says: We aren’t here to pick the pockets of hard-working operators. We’re here to build long-term financial infrastructure for a pioneering industry.
Tom Ritchie Says: Why did Community Savings decide to bank cannabis when the Big 5 Canadian banks refused?
Mike Schilling Says: Community Savings was founded in 1944 to serve working-class communities excluded by traditional financial institutions. In 2018, our board made a principled decision: cannabis was now legal, and compliant business owners risking their life savings deserved access to fair banking.
Mike Schilling Says: When legalization took effect, the Big 5 banks turned operators away at the door. We stepped in. Today, Community Savings is the largest banker of legal cannabis businesses in British Columbia, providing operating accounts, commercial mortgages, and business credit cards.
Tom Ritchie Says: How does the invoice factoring facility work for licensed producers?
Josh Reynolds Says: Cannabis is subject to intense federal and provincial compliance oversight—meaning commercial risk is far more quantifiable than in unregulated sectors. However, licensed producers face brutal cash flow constraints because provincial distributors (BC LDB, OCS, AGLC) take 45 to 60+ days to remit payment on purchase orders.
Josh Reynolds Says: With accounts receivable factoring, Community Savings and We Can Capital purchase the LP’s verified provincial invoice upfront. The credit risk is backed by provincial crown corporations that always pay their bills.
Josh Reynolds Says: Our fastest invoice funding on record was completed in 45 minutes, with standard funding dispatched the exact same day! When operators receive immediate cash, they can purchase nutrients, pay cultivation teams on time, and negotiate 5% early-payment discounts with packaging suppliers.
Tom Ritchie Says: What are your expansion timelines beyond British Columbia?
Josh Reynolds Says: We are actively working with partner credit unions in Ontario to roll out our factoring and commercial liquidity solutions out east within the next 3 to 6 months, followed by a full national rollout before the end of next year.
Tom Ritchie Says: What distinguishes credit union governance from traditional commercial banks?
Mike Schilling Says: Big commercial banks are owned by external shareholders—their mandate is to extract revenue from customers to pay dividends. In a credit union, our customers are our member-owners. We aren’t incentivized to extract punitive fees because our mandate is the economic health of our membership.
Mike Schilling Says: We worked closely with the BC Financial Services Authority (BCFSA) to establish compliant underwriting standards for retailers, micro-cultivators, and standard processors. Today, we guarantee business credit cards and provide millions in commercial real estate financing to operators across BC.
Tom Ritchie Says: In traditional lending, underwriters analyze the ‘Five Cs of Credit.’ How do you evaluate cannabis operators?
Mike Schilling Says: Underwriters look at Capital, Capacity, Collateral, and Conditions—but the most important ‘C’ is Character. Cannabis operators have endured an uphill battle against punitive excise taxes and shifting regulations. People who transitioned from legacy cultivation possess unmatched resilience and passion; they simply refuse to quit.
Josh Reynolds Says: There’s an old financial adage: wealth whispers; new money screams. The most sustainable cannabis companies in Canada aren’t complaining on social media—they keep their heads down, control production costs, maintain spotless compliance, and fulfill purchase orders consistently.
Mike Schilling Says: Many businesses fail not because their product is bad, but because they experience rapid hockey-stick growth without the working capital to fulfill rising demand. One of our BC member LPs doubled and tripled their revenue output because our factoring facility allowed them to fulfill every provincial SKU re-order on time.
Mike Schilling Says: I grew up in the UK where legacy cannabis was often mixed with tobacco. When I moved to BC, I discovered world-renowned genetic heritage and artisanal craft traditions. If legal regulations and financial barriers prevent legacy growers from transitioning, that unique agricultural heritage is lost forever.
Mike Schilling Says: By creating fair banking products, we make legalization financially viable for craft growers so they can bring iconic heritage cultivars into the regulated market.
Tom Ritchie Says: Many licensed producers struggle with excise tax arrears. How does We Can Capital handle that during underwriting?
Josh Reynolds Says: If an LP’s excise arrears are below 10% of annual revenue, that debt is manageable. The CRA does not want to force viable businesses into bankruptcy—they want transparent communication and structured payment plans.
Josh Reynolds Says: When an LP secures our liquidity program, they can demonstrate reliable cash flow to the CRA and restore multi-year excise license renewals.
Mike Schilling Says: We are proud to partner with exceptional BC operators like Woody Nelson in Nelson, BC. Their team combines authentic craft culture with operational excellence, and our financing supported their rapid scale.
Josh Reynolds Says: Another phenomenal client is Tri-Cann led by Dana, a designated CPA who runs a disciplined, highly efficient processing operation. Partnering with dedicated, passionate operators makes this work incredibly rewarding.
Tom Ritchie Says: To learn more, visit wecancapital.com or connect directly with Josh Reynolds on LinkedIn!
Tom Ritchie Says: A quick programming update for our audience: our scheduled segment with TICAL Official had to be postponed due to Method Man’s Wu-Tang Clan residency schedule in Las Vegas. We will have the TICAL team on for a dedicated episode soon!
Wesley Bowles Says: This deep dive into cannabis finance, liquidity factoring, and credit union support with Mike Schilling and Josh Reynolds was essential listening for any commercial operator in Canada.
Tom Ritchie Says: A huge thank you to Breadstack for powering Legacies. Check out their e-commerce tools below, and we’ll see you next week!
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Co-founder & CEO
Joshua Reynolds is the co-founder and CEO of We Can Capital, pioneering fair and rapid invoice factoring solutions for Canadian cannabis companies.
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Licensed Financial Services
We Can Capital is a specialized Canadian financial services company co-founded by Joshua Reynolds. In partnership with Community Savings Credit...
Learn More About Partner ↗Invoice factoring involves selling outstanding government invoices (such as sales to provincial distributors like the BC LDB) to a financial partner like We Can Capital, allowing operators to receive cash flow on the same day rather than waiting for standard payment terms.
Through their partnership with Community Savings Credit Union, We Can Capital typically funds invoices within a few hours, with their fastest recorded funding completed in just 45 minutes.
The hosts discussed California Governor Gavin Newsom's emergency order which banned hemp-derived THC products (including foods and beverages) containing detectable levels of THC, effectively eliminating 90-95% of hemp retail products overnight.
