The Cannabis industry has been experiencing growing pains since the inception of legality. Capital inflows from private investors have been abundant, however traditional financing from the banks has been nearly non-existent. The fact that Cannabis is still not federally legal has kept Wall Street, most banks, and the federal reserve outside of the industry with no clear path to enter it. Many business owners in the industry applied to Canadian lenders, as Cannabis is federally legal in Canada, however, that brings a lengthy and stressful process with it.
US Cannabis business owners have been looking for funding options here at home, not realizing that there are simple, easy and efficient ways to receive business funding in the states. Although the bigger banks such as Citibank, Bank of America, and Chase are not lending to up-and-coming Cannabis businesses, smaller organizations are lending uncollateralized money to them bringing a swift and frictionless process along with it. When looking into funding options, you need to investigate the facts. Most Cannabis business owners are still trying to get money from Canada, which takes a while. If you want to get an edge on the industry, you should be looking into merchant cash advances. The money involved in these advances is uncollateralized and runs on a quick-term, meaning you’re not in debt forever. On top of this, no MCA lender will give you a dollar amount you cannot afford.
The dollar amount funding companies like Sutton Funding can lend is determined by monthly gross revenue. If you can use an extra month’s revenue to grow the business, make payroll, buy new equipment, and expand your marketing to a position where you can take that edge in the industry, a merchant cash advance may be the ideal source for the capital you need to smoke, the competition!!