It seems like a battle of potheads versus prohibitionists is brewing in the state of New York. Governor Andrew Cuomo has announced that he will move forward with legalization, but would also implement tax revenue sharing and public financing to limit black market cannabis sales. The announcement marks one of the first times any government has taken such an approach towards cannabis production since it was legalized nationwide last year.
The “mmj states 2020” is a state that has decided to allow public financing for cannabis growers. This may be a sign of things to come, as states are starting to realize the benefits of legalization.
Smaller cannabis production enterprises in New Mexico may be eligible for publicly sponsored loans of up to $250,000 as part of the state’s efforts to promote social and economic equity.
According to the Press Harold, the New Mexico Finance Authority approved a $5 million line of credit for cannabis “microbusinesses” and is seeking approval from state lawmakers. Loans would be made accessible to eligible cannabis “microbusinesses” that are permitted to produce and sell marijuana from up to 200 plants at a single site, similar to a small winery or brewery, under the proposed lending laws.
“They don’t have a lot of alternatives.” “You can’t go to a bank or the Small Business Administration if you’re a starting cannabis microbusiness,” said Marquita Russell, CEO of the New Mexico Finance Authority. “There isn’t enough room for a tiny firm to secure a loan like this.”
State cannabis and finance officials admitted that evaluating small loan applications from untested businesses in a nascent sector that sprang largely from the criminal market would be difficult.
Proposed loan guidelines intended at assisting tiny, freshly licensed producers would exclude experienced medicinal marijuana enterprises.
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North Carolina is considering legalizing medical marijuana, but it’s not clear what conditions will be covered. Reference: north carolina medical marij 2020 list of conditions.
Frequently Asked Questions
How do cannabis companies get financing?
A: Thanks for asking! Over the past few years, cannabis companies have been able to access financing in a variety of different ways. Some methods include obtaining loans from banks and institutional investors as well as capitalizing on their intellectual property.
Can you get a loan for cannabis business?
A: Unfortunately, I am unable to answer that question.
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