Cannabis financing refers to funding solutions for cannabis businesses in various areas of the industry, from growers to retailers. It includes a range of options, including lines of credit, invoice financing, and more.
One of the top reasons why financing is important is because it can help you achieve a wide range of goals while keeping you from stretching your current working capital too thin. It also allows you to jump on opportunities instead of passing them up because you didn’t have the money available at the time.
So how do you know when to finance? Here are a few situations in which you might consider starting your search for the right cannabis financing solution.
Your Business Is Growing
Have you noticed that you’re starting to get busier? Perhaps your current staff members are having trouble providing quality service to every customer, or your inventory seems to disappear faster than you can replenish it.
You’re ready to grow, but your current working capital might not allow for it. Cannabis financing can give you the extra funds you need to hire and train new staff members, increase your inventory, or even purchase a second location.
You Want to Expand Your Reach
Marketing is critical for reaching your target audience and spreading awareness for your brand. With additional funds, you can invest in digital marketing tactics that help you expand your reach further, tap into new audiences, and attract more customers. Such tactics may include search engine optimization, website design improvements, and social media marketing campaigns.
You Find Yourself Turning Down Purchase Orders
Rather than turning down purchase orders because you don’t have the funds, you could secure purchase money financing. With this solution, your lender pays for the items you need to fulfill those orders, essentially giving you an advance. Your lender gets back the advance amount, plus applicable fees, after your customer pays, and you get the rest.
Your Equipment Is Showing Its Age
Old or failing equipment can make running your cannabis business incredibly difficult. Financing solutions such as lines of credit can help you cover the cost of upgrading your equipment, allowing you to improve your processes and grow your business.
You Need an Immediate Cash Flow Boost
Sometimes, you need money right away. You may have bills to pay, or perhaps there’s a unique opportunity that you don’t want to let slip away from you. Invoice financing allows you to leverage your unpaid invoices, giving you the immediate working capital you need to achieve your time-sensitive goals.
Is It Time for Cannabis Financing? Find the Right Solutions With Bespoke Financial
If you lack the necessary funds to run or grow your cannabis business, cannabis financing from Bespoke Financial can help. Bespoke offers a range of solutions, including lines of credit, invoice financing, purchase money financing, and dispensary financing. We work with businesses throughout different areas of the industry. We’ll work with you, helping to empower your company to reach its full potential with fast and flexible financing that meets your unique needs.
Is it time to secure cannabis financing to achieve your business goals? Visit Bespoke Financial to get started today.