99
FINANCING
A purchaser of course will need to come up with funds to pay for any property. In most real estate transactions, a purchaser receives financing to help pay for the purchase of the property. Typically, purchasers will look to the banks, and/or to private lenders for financing.
Traditionally, banks and top tier private lenders were hesitant to involve themselves with the cannabis industry. While times are certainty changing and both banks and private lenders have started to enter the world of cannabis debt financing, involvement in or use of a property for the purpose of involvement in the cannabis industry will often be a hurdle for purchasers, compared to a more “typical” industrial or commercial purpose.
As a result, as soon as a prospective purchaser decides to move forward, the best course of action is for that purchaser to start working on obtaining financing right away, so as to not hold up the purchase and obtain a favourable rate.
The above are just three (very important items!) a purchaser of a cannabis related property must keep in mind as they consider making a purchase. It is important that prospective purchasers contact a solicitor to assist through the purchasing process to ensure they are protected.
3