Pennsylvania Cannabis Business Loans

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

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


number one

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

Currently, Pennsylvania has some of the strictest and most expensive licensing requirements. The state only allows for permits to 25 growers and 25 processors. No more than 5 of each can be issued a dispensary permit. The current application period is closed.

The nonrefundable state license application fee for all license types is $10,000. With a permit fee of another $200,000 which is refundable if the permit is not awarded. Applicants must also have proof of $2 million in capital, with at least $500,000 in the bank. 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 two

Can I borrow from a bank in Pennsylvania?

It’s highly unlikely that your cannabis business will be able to borrow money from a bank in Pennsylvania. While the sale of cannabis may be legal at the state level in Pennsylvania, 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 three

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

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 Pennsylvania. 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 Pennsylvania?

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 Pennsylvania, 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 Pennsylvania?

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

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

Apply Now