Finding a suitable cannabis finance solution is not easy; finding financial alternatives for cannabis-related businesses and real estate can be difficult due to the legal complexities and restrictions accompanying the cannabis industry. Because cannabis remains a Schedule I prohibited substance on the federal level, federally licensed banks, credit unions, and traditional lenders are typically unable to offer marijuana loans. Despite this, more than ten states have legalized medical and recreational marijuana; medicinal cannabis is permitted in over 20 more states.
What Is a Cannabis Loan?
Cannabis financing is a type of loan designed exclusively for cannabis, CBD, and hemp-related businesses. A cannabis loan can help you pay for goods, equipment, new staff hires, overhead, buildouts, and real estate purchases, among other things. In addition, depending on the lender, these loans may allow for various payment alternatives such as daily, weekly, bi-weekly, and monthly repayment.
What Is the Best Way to Receive Funding for a Cannabis Business?
When it comes to cannabis company loans, there is a need for alternate funding options due to a lack of capital from banks. Fortunately, private lenders such as POM (Peace of Mind) Capital & Funding Services have stepped forward to offer credit solutions to “green” firms in jurisdictions where cannabis has been made legal for medicinal or recreational use.
What Can You do with a Cannabis Loan?
Upgrade Your Equipment or Open a New Location. You can utilize a cannabis loan to fund the remodeling of your dispensary or the opening of a new location if you are a cannabis business owner. See our financing and leasing alternatives if you need business financing for cannabis equipment.
Construction of a Facility. Your operational facility must be cutting-edge and comply with all applicable rules. You may utilize cannabis construction funding to build your facility, whether for growing, manufacturing, or dispensing.
Establish a New Dispensary. Cannabis funding may be used to purchase new cannabis equipment, fixtures, and displays. To improve the consumer experience, use equipment leasing, and finance to acquire all sorts of retail equipment.
Advertising & Marketing. Use a cannabis loan to promote a new store location or advertise and build your consumer base. To attract new clients, update your website, install new signs, or post a magazine or newspaper ad.
Cash Flow Management. Sustain your cash flow to manage costs when experiencing unforeseen issues. You can use a working capital loan for nearly any purpose, so you won’t have to give up any of your company’s equity.
Recruiting. You may use cannabis finance to meet the requirement for extra workers during expansion or busy seasons of the year. You can utilize cash from a cannabis loan for training and payroll fees in addition to hiring.
Contact POM Capital & Money Services
At POM Capital & Funding Services, we look forward to helping your company get the funding it needs to develop. Call us at 631-354-9290 or write to us at [email protected] to schedule a free consultation with our team.
POM Capital & Funding Services is a leading provider of alternative funding solutions for businesses of all types and sizes, offering commercial finance solutions and products to businesses in the Centerport, New York area and throughout the state of New York.