Are you a startup or existing business looking for capital for your cannabis, marijuana, cultivation business? Where can you find reliable financing for a dispensary or for growing your operations, wholesale, retail, or edibles easily? No worries! Just read this article and you’ll discover a true payment expert that provides reliable and low cost cannabis business loans.
Cannabis Industry Growing
The debate around the legal weed in the 1960s started registered 12% of the American population supporting the use of legal marijuana. In 2016, recreational sales in Washington state and Colorado increased by 66%.
In 2016, the states where legal recreational and medical cannabis was legal drove an economic impact of $16 billion – $18 billion, and that wasn’t the limit. The legal cannabis industry accounted for about $9 billion in revenue in 2017.
According to the Marijuana Business Factbook 2017, the US cannabis industry created 165.000 -230.000 full and part-time jobs. Thus, the cannabis industry outcompeted employment rates in fields like dental hygienists, bakers, and more. The marijuana industry is also about to outcompete telemarketers and pharmacists.
Let’s move forward to see where you can find an affordable, reliable and secure loan for your cannabis business.
Cannabis Business Loans from FAM
The legalization of cannabis and marijuana products throughout the US results in an increased need for funding of cannabis business operations. No matter you’re an owner of a marijuana or cannabis dispensary, cannabis product manufacturer, or weed industry distributor, you can’t do without the necessary working capital.
You might think finding the right funding for your cannabis business can be daunting. In fact, that’s not true if you work with a reputable alternative online lender like First American Merchant. So, you don’t need to worry about borrowing from a bank. FAM is dedicated to helping you get easily approved for cannabis business loans. The rates are the lowest in the industry.
FAM has years of experience in helping hard-to-approve merchants get the necessary working capital to grow their business. With FAM, provides business loans for cannabis producers and retailers, licensed distributors, edibles sellers, beauty products merchants, concentrate producers, delivery services, packaging, dispensaries, and more.
As you know, cannabis products aren’t considered illegal in many states, but their purchases, sales or use are still banned in terms of federal law. According to the FDIC (Federal Deposit Insurance Corporation), banks expressing willingness to work with cannabis-based businesses, are taking on potential risk. As a result, they may end up with potentially negative consequences to the public and violate federal law.
Because of the mentioned risks, it becomes impossible for cannabis merchants to get approved for a business loan from an FDIC-insured bank. What’s more, the government might decide to close your business as a result.
The US Drug Enforcement Agency (DEA) classifies marijuana as a Schedule I drug. This makes banks providing loans to cannabis businesses be subject to prosecution. They could also be held accountable for offering business financing to those who break state law by selling to minors or transporting cannabis across state lines.