Dispensary Loans | How To Get A Loan To Open A Dispensary

If you are thinking about how to cash in on the booming medical and recreational marijuana industries, you’re most likely going to have to consider what’s involved with getting dispensary loans or other types of MMJ business loans. It can be challenging, especially for those with credit scores less than 700. However, it is possible and this article will help you understand.

Facts about dispensary loans



The DEA states, "Marijuana is a Schedule I substance under the Controlled Substances Act, meaning that it has a high potential for abuse, no currently accepted medical use in treatment in the United States, and a lack of accepted safety for use under medical supervision."
And while that may sound insane to many of us, the fact remains that marijuana is STILL illegal at a federal level. And that means that traditional credit unions and banks will not lend money on cannabis operations.
They will not approve dispensary loans or other types of MMJ business loans because it would be against the laws of lending in the US to do so. It’s even challenging to open a checking or savings account as a marijuana dispensary.
So, what’s the answer? How can an aspiring entrepreneur get the funds needed to launch a cannabis business?


Getting an MMJ business loan



The good news is that there are private lending groups that do offer dispensary loans and other types of cannabis business loans. These entities are not subject to the federal lending regulations that federally insured institutions are. That means that getting an MMJ business loan is a real possibility for those with a solid credit history.

What can capital from dispensary loans be used for?



Marijuana dispensaries are businesses like many others, and they have various expenses to cover. Funds from dispensary loans can be allocated to cover the costs of:

  • Numerous strains of cannabis
  • Display cases and retail fixtures
  • Employee wages and acquisition
  • Real estate leasing or purchasing
  • Construction & remodeling expenses
  • Costs associated with compliance & licensing
The list goes on. The point is that capital from dispensary loans can be utilized for any necessary expenses associated with launching, growing, advertising, and maintaining a dispensary operation.


How to get a loan to open a dispensary

Startup Cannabis Loans has helped hundreds of weed entrepreneurs to obtain dispensary loans, MMJ business loans, and other types of cannabis business loans. Our extensive group of private lenders makes it fast and easy to get matched with lenders who are ready to finance your cannabis enterprise.
We offer unsecured dispensary loans up to $250,000 for applicants with 700+ credit scores. You do not need to present tax forms, bank statements, or loads of burdensome paperwork.
Get prequalified with no hard impact on your credit score. Just fill in the short form below and one of our friendly team members will get back to you. If you’re approved, you can have the money you need within 2 weeks.

Sources
https://www.dea.gov/sites/default/files/2020-06/Marijuana-Cannabis-2020_0.pdf


Funding is the most important piece in any successful business plan

Our cannabis funding specialists can help you determine your eligibility to qualify for capital. No risk to you, it will not hurt your credit, and we can give you a same day approval.
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