Florida Cannabis Business Loans

Bespoke Financial helps address the funding needs for Cannabis businesses in Florida with financing services specifically tailored to their needs. Grow your Cannabis businesses in Florida with Bespoke Financial.
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Ready to get started with your Florida cannabis business loan? We’ve made it easy to apply, and you’ll receive an answer within 7 days.

FAQ’s

number one

How can I obtain financing for my cannabis business in Florida?

The first option would be with us at Bespoke!

Beyond that, the options are slim. You can try your luck with a hard money lender or try to find an investor. Even if you find an investor that you work well with, you’ll still be required to give up a chunk of valuable equity.

Commercial lenders like Bespoke Financial can help you obtain cannabis business financing in Florida. Bespoke Financial was the first commercial lender working exclusively with cannabis businesses, so you’ll never have to worry about whether or not your loan and your business are in compliance with state and federal regulations surrounding your money.

Number two

What should I watch out for when it comes to financing in Florida?

Because cannabis businesses don’t have a lot of options when it comes to obtaining financing, many predatory lenders have unfortunately seized on the opportunity. Some cannabis business owners report being charged interest rates of 40 to 50 percent on their loans, while others regularly receive emails attempting to persuade them that the company will allow the business to utilize credit card sales.

This is the exact opposite experience from what you will experience with Bespoke Financial.

To get the best rate for your cannabis business loan in Florida, make sure to have all of the appropriate documentation prepared prior to applying for a loan from Bespoke, including your financial records (balance sheets, income statements, and bank statements), your credit risk profile, and capital needs.

number three

Can I borrow from a bank in Florida?

It’s highly unlikely that your cannabis business will be able to borrow money from a bank in Florida. While the sale of cannabis may be legal at the state level in Florida, the substance is still classified as a Schedule I controlled substance by the FDA, making it illegal on the federal level. That means that most financial institutions, including banks, credit unions, and credit card companies, can’t work with you on either lending or banking services.

That’s where Bespoke Financial comes in

Number four

How do I get licensed for a cannabis business in Florida?

Currently, Florida is not accepting new applications. The Florida Office of Medical Marijuana Use (OMMU) has issued only 20 licenses, with only 13 of them being active. Most of these licenses are controlled by a handful of companies.

When the OMMU does begin accepting applications it could be an expensive process. One of the requirements from the 2018 statutes, once an application is approved the company must post a $5 million performance bond issued by an authorized surety insurance company.

number Five

What do I need to know about running my business in Florida?

Besides the difficulties in obtaining financing when running a cannabis business in Florida , one thing to keep in mind is that your customers will not be able to use credit or debit cards to pay for your products due to the federal regulations applied to banks regarding handling funds connected to cannabis. Your customers will need to pay in cash or use one of the other emerging options, such as paying through phone apps designed for this purpose, so it’s important to make sure that you provide your customers with a way to get cash if they arrive unprepared, such as by installing an ATM. Additionally, cannabis businesses must be prepared to securely handle, transport, and store large amounts of cash since most financial institutions will not accept cash deposits.

Looking for Cannabis Funding in Florida?

Apply to work with our team for your cannabis lending needs in the Florida market. We’ll be in touch within 7 business days.

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