The shops around here seem to be making money hand over fist. Probably make more in a week than a book store does in a year
I'd start a seed distro business. Don't need brick and mortar, don't even really need that much startup capital. Come springtime there's gonna be a huge demand from the now legal states. Fuck should have kept that to myself.
Disregarding the blatant spam post above - No Bank in the country will give out a business loan for a Marijuana based business based on Federal laws. They are legally barred from doing so. HOWEVER, there are plenty of private equity firms that will do so, and it seems like a cottage industry has sprung up in the last several years. There are even reports of firms willing to take on credit card processing and banking functions for dispensaries. Heck the LA City government is looking into the possibility of opening up a city owned bank that would provide similar services. That said, while MJ is still on schedule 1 regardless of what the individual states do, Federal laws will always trump state laws. Sad
I'm not sure you'll be able to get a loan at a bank or credit union but I think it's still worthwhile to ask because they may have connections to help you get a loan for it. Even if your specific banker themselves might not know their compliance or risk officer might if they feel comfortable asking that person.
Yeah I don't see this happening. Even if it weren't federally illegal, working with cannabis is considered a "high risk" industry in terms of fraud and most reputable banks want absolutely nothing to do with that.
All banks are FDIC . MJ federally is classified as a level one controlled substance and so are all its proceeds . The answer is NO ,,, And one would be a fucking moron for actually thinking any bank wants illegal drug money in their vaults that the feds could come in and seize. There is not one bank in any Rec legal state that legally can KNOWINGLY receive any monies from anyone in the weed business .
Are there dispensary's in your area? If so talk to one of the owners and ask them. Other business owners are usually pretty nice and help out newcomers navigate their way through the bureaucracy.
We have one or two banks up here in the emerald triangle that could. I could only imagine the apr would be rediculouse
Yes a local bank perhaps ...but the real deal is ...would you? a recession is looming within the 18months and yes federal law will change for the better but you are very late to be surfing the weed waves ..by about 2 years its all online these days that would cut any overheads with free delivery and beer might cut it?
It doesn’t matter what exactly you want to open, and it can be a dispensary or even a construction company. It all depends on the profitability of the business and the amount of loans. For example, in order to get a loan of more than $ 100,000, you must provide a number of documents that show that you have the right to open a business. In addition, for such a large loan you need to find a very good bank with an excellent reputation.