Wed Apr 21, 2021 | Alan Lefkowitz | Banking Relationships, Cannabis, CFO Services
If you are looking to open or expand a cannabis-related business, you may need outside funding to achieve your goals. Some experts estimate that, on average, dispensary owners need anywhere from $150,000 to $2 million to start their businesses due to hefty licensing fees and rigid capital requirements.
Read MoreWed Apr 21, 2021 | Alan Lefkowitz | Banking Relationships, Cannabis, CFO Services
If you own cannabis or hemp-related business or are looking to start one soon, you should learn about the ins and outs of cannabis banking. Because marijuana use and distribution are illegal at the federal level, cannabis businesses often have trouble partnering with banks and other financial institutions. Currently, only a little over 700 out of the 12,000+ banks in the U.S. serve marijuana businesses and the ones that do tend to have strict approval processes and hefty fees. Read on to learn everything you need to know about banking in the cannabis industry.
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