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With the growing popularity of marijuana decriminalization and legalization for medical and recreational uses, there are some great opportunities emerging for lucrative businesses in the cannabis industry.

However, due to the nature of the cannabis-related business or shop, it can be difficult to secure a loan and the necessary financing from a traditional bank or credit union.

Timing can make all the difference in the success of your cannabis business, so securing financing now as regulations change can help you to develop and establish your marijuana business with plenty of room to grow.

Dispensaries can offer direct cannabis sales to consumers for medical or recreational use; they often provide access to a number of cannabis strains that are ideal for treating specific conditions or achieving specific effects.

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https://www.gokapital.com/cannabis-business-loans/

Despite the growing popularity and legality of cannabis products in states across the country, the federal government still considers sale, purchase or use of cannabis products to be illegal. This means that obtaining a loan can be difficult because federal banking laws consider banks that offer cannabis business loans to be open to prosecution, and banks are risk-averse even under circumstances that allow marijuana businesses to receive small business loans. This means that FDIC-insured banks will most frequently deny all marijuana-related business loans, even opening a business checking account is not easy and only local credit unions are willing to do it.

In fact, under 40% percent of all dispensaries even have bank accounts. Despite the popularity, medical benefits and relative safety of cannabis, it remains classified as a Schedule I drug at the federal level. This is the same classification that applies to cocaine, heroin, and other much “harder” substances. While legislation has been introduced to change the scheduling of marijuana, none has yet been passed — which leaves cannabis working capital from your local bank to be a substantial obstacle.

However, there are alternative options that can help you secure funding for your dispensary or other cannabis-based businesses. Alternative business financing for the marijuana industry is available from specialized and innovative business lenders like GoKapital.