Written by: Canna Business Resources
While almost every industry is talking about downsizing, virtual offices and cutting costs during these trying times, the cannabis industry is in a different position. A global disaster like never before has thrown the norm out of the window.
Small businesses recognized by the federal government are granted loans while a local dispensary is deemed essential by the state, yet receives zero funds to keep their doors open.
As more and more politicians are allowing some form of marijuana use in their state, the federal government still has not allowed banks to fund local law abiding companies.
We recently heard about a dispensary in California focused on serving their local community. They were facing a backlog of missed payments and were running low on cash. They tried to go the routine route and applied for a bank loan which was obviously denied. They were days away from closing their doors until they stumbled upon Canna Business Resources (CBR), a cannabis financing firm based out of NYC.
CBR was able to provide them a personalized loan which was able to give them the breathing room they needed to survive a bad turn in their business. This same dispensary is now again working with CBR in financing their second location.
When we looked more into CannaBusiness Resources, we saw that they were exactly the bold players the Cannabis Industry needed. Based out of NYC and in the heart of Wall Street, CBR is a privately owned direct lending company for the Cannabis Sector. With limited banking options for the industry, they fill a needed void in a rapidly growing industry. With over 25 years experience in the banking world, CBR is the #1 source of growth capital for companies from Cannabis to CBD and all other companies in between.
When we reached out to Michael Marini, one of the founding partners of Canna Business Resources, we wanted to ask him about what the secret to their success was in being one of the fastest growing cannabis funding companies in the world.
Michael said, “Providing capital for owners wasn’t a new idea to us, we’ve been assisting local businesses for years. What we noticed in the Cannabis Industry was that companies were being grossly taken advantage of from Venture Capital firms and other lending companies. Cannabis companies had to pick between giving up equity in their company or agree to ridiculous interest rates. We knew there was a better way and decided to build a lending model that puts the client’s business first. We have the most flexible plans guaranteed. If a business can show us they are profitable, we will find a way we can provide them the capital they need. CBR is not just a funder; we are a partner. We lead with integrity – across the board, our leadership and staff put the client first.”
It is evident that in these times, cannabis companies need to look for more creative ways to get funding. As we saw in this article, Canna Business Resources is one of the few companies that is actively helping these companies succeed.
For more info, please click CBRfunds.com
The post Cannabis Industry Facing Lending Issues appeared first on L.A. Cannabis News.
Credit: Source link
