Whether you're an entrepreneur or an opportunistic marijuana enthusiast, starting a cannabis business is a fantastic idea. They also invest cannabis business funding into sectors like consumer and retail, industrial services, technology, processing, and research and testing. Examples of indirect businesses” are described below in the faq: federal stimulus & cannabis businesses. In turn, this means that finding working capital and bank accounts will be much easier for hemp businesses.
This overview and faq provides specific guidance to marijuana, hemp and ancillary businesses regarding their ability to access federal assistance and their duties and obligations as cannabis business loans under the federal stimulus. This new cannabusiness financing solution is the leading cannabis-specific financing product on the market, and it's here to help you grow your business right away, and without any hassle.
Additionally, many lenders only provide merchant cash advances, which are generally the most expensive form of business financing. With so few lending sources available, a marijuana business could easily make the mistake of financing significant business expenses with a credit card. Waiting around for too long to receive your cannabis business loan could mean allowing another business to steal your idea, and disrupt the market before you have a fighting chance.
These loans are not originated by an fdic-insured bank, so gokapital can proudly serve alternative businesses and provide cannabis business funding without fear. With gokapital , you can receive a cash advance ranging from $50,000 to $5 million, as long as you meet their minimum qualifications: four months in business, personal credit score over 500, and annual sales over $150,000.
Marijuana is legal in several states but illegal on a federal level. However, because there are so many legal regulations and grey area within this space, you'll want to take extra care when investigating and comparing these business financing solutions—especially since not many of them provide thorough information online. Small businesses with less than 500 employees that are engaged in legal activity and have experienced economic harm as a result of covid-19 that are not otherwise excluded.