Cannabis and cannabis-based products are still illegal at the federal level. That poses several problems for your business, including securing financing. Few traditional banks are willing to work with marijuana businesses because strict banking laws make the risks to banks very high.
New and established businesses need access to capital to start, operate, and grow. Your cannabis business is no exception, so you should look to other forms of financing to meet your everyday expenses and help with expansion. Bespoke Financial is ready to step in and give you the help you can’t get through traditional banks.
Financing Options For Cannabis Businesses
Lines of Credit
Lines of credit are a versatile form of financing that help you pay expenses, expand your operation, and more. Once you have established a Bespoke Financial line of credit, you can draw down on it as needed and take advantage of our flexible payment plans, so you have the capital you need on hand when you need it.
Access capital from Bespoke in 24 hours or less. There are no prepayment penalties, so you can pay down your balance and keep the amount of credit available at a level that offers you the most fiancial flexibility.
Taking advantage of bulk pricing from your suppliers can be a key part of your cannabis business success. With Bespoke Financial inventory financing, we pay your vendors directly so that you can pay cash on delivery without sacrificing terms.
This type of flexible financing enables you to build strong relationships with your suppliers and ask for the lowest possible prices.
Purchase Money Financing
Your ability to fulfill purchase orders as they come in helps you build solid relationships with your customers and leads to word-of-mouth advertising that can be invaluable to your company.
With Bespoke Financial purchase money financing, we advance 100% of your purchase of raw materials so you can fill orders when demand increases, or it’s time to impress a large, new customer.
The time between invoicing your customers and payment can cause your cannabis business to hit cash flow problems that affect your ability to fill other orders or take advantage of supply discounts.
With Bespoke Financial invoice financing, we advance up to 75% of your accounts receivable invoices, and you only accrue interest when you actually use the funds. We send the funds directly to your bank account, allowing you to keep a consistent flow of capital into your business.
Finding Cannabis Investors
People who invest in cannabis companies do so with the promise of sharing profits down the road. You can find cannabis investors in several ways, such as exploring venture capital firms that specialize in supporting marijuana companies and networking online and at industry events.
Bespoke Financial is a top choice for cannabis financing, offering help that cultivators, manufacturers, retailers, and others in the marijuana business can’t get from traditional banks.
If you need help with your new or existing cannabis business, visit the Bespoke Financial blog to learn more about financing and keep up with current trends affecting your company.If you have already identified areas where financing can help your company grow and succeed, apply now and let Bespoke Financial help guide you to success.