Can you get a cannabis business loan at the bank you are currently banking your deposits with? Sometimes, yes. However and more often, no or very limited. Why? Most banks and credit unions are concerned with Federal compliance with bank loans and have decided not to wade into these waters. Others, such as a well-known credit union in Washington State, offer their cannabis business members commercial real estate financing on par with traditional financing in terms of lending requirements. However they do not offer lending for working capital and equipment financing.
It is more difficult to find a direct lender for cannabis business loans however there are Independent Sales Organizations (ISO's) that represent cannabis direct lenders that are more accessible. These ISO's will often represent multiple cannabis lenders thereby providing many funding options with a greater chance of approvals and agreeable loan costs.
Where to find Cannabis lenders?
"Ken Higgins is CEO of a leading cannabis financing company and his focus is helping cannabis businesses obtain the financing they need to sustain and expand their operations."