Massachusetts Cannabis Business Loans

Bespoke Financial helps address the funding needs for Cannabis businesses in Massachusetts with financing services specifically tailored to their needs. Grow your Cannabis businesses in Massachusetts with Bespoke Financial.

Ready to get started with your Massachusetts cannabis business loan? We’ve made it easy to apply, and you’ll receive an answer within 7 days.


number one

Can I borrow from a bank in Massachusetts?

Some local banks and credit unions have begun exploring the idea of lending to cannabis companies in Massachusetts. They are still trying to figure out exactly what they are allowed to do. While the sale of cannabis may be legal at the state level in Massachusetts, 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 or won’t work with you on either lending or banking services.

That’s where Bespoke Financial comes in

Number two

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

Prior to recreational cannabis Massachusetts required all medical marijuana companies be vertically integrated. That all changed when recreational cannabis ballot initiative, Question 4, passed. There are now 7 types of cannabis companies you can start. Cultivation, Manufacturing, Retail, Transportation, Marijuana Research Facility, Testing Labs, and Microbusiness.

The applications for recreational licenses are not that much. They range from $100-$600 depending on the license type and size of business. Recreational retail, manufacturing, and testing labs must also pay a $5,000 license fee. The license fee for recreational cultivation facilities ranges from $625 – $25,000 bas on the size and type of grow. While the cost to start a recreational business seem reasonable, these same fees for medical marijuana businesses are way higher. The application fee for a medical business is $31,500 and the license fee is $50,000. Make sure to check the local regulations on cannabis, as counties are able to opt-out of legalization and become “dry counties” which prohibit growth, sale, and use of cannabis. Licenses will not be approved prior to securing a building, appropriate security, and other measures. In order to get all of those things in place, you’re going to need financing.

number three

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

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 Massachusetts. 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 four

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

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 Massachusetts, 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 Five

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

Besides the difficulties in obtaining financing when running a cannabis business in Massachusetts , 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 Massachusetts?

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

Apply Now