For The Cannabis Industry, Loans Are Short And Interest Rates Are High

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For The Cannabis Industry, Loans Are Short And Interest Rates Are High by WillYakowicz

Duncan Ley, who cofounded California Street Cannabis, a two-store dispensary chain in San Francisco, also owns two bars. He has no problems getting lines of credit for his watering holes, California Jack’s and Teeth. He uses online lender Blue Vine to take out lines of credit when needed. But banks and alternative lenders like Blue Vine, Cabbage and Square do not work with marijuana companies.

If payments are 15 to 29 days late, the interest rate rockets to 50%. Thirty days or more, and the rate jumps to 100%.federal tax code companies that sell cannabis Ley also knows he’s being taken advantage of to a certain degree. The company credit card he uses for his bars has a 14% annual percentage rate, while Bespoke offers the equivalent of a 20% APR. Still, Bespoke’s rates “are pretty darn good considering it's cannabis,” explains Ley, who has been quoted close to 30% APR from other lenders, some of whom wanted the loan to be secured by his personal real estate.

 

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For The Cannabis Industry, Loans Are Short And Interest Rates Are HighWith federal law banning cannabis, companies struggle to access the banking system. So the price of doing business is double-digit interest rates. WillYakowicz Get it? Interest rates are *high* 😆
แหล่ง: Forbes - 🏆 394. / 53 อ่านเพิ่มเติม »

Is the housing market really crashing? Redfin’s chief economist shares her predictionsInflation is high and interest rates keep rising, leading to a lot of speculation about the housing market, with many throwing around the word “crash.” Redfin lol RDFN stock definitely crashed.. What if there were 16 million vacant homes in the US?
แหล่ง: MarketWatch - 🏆 3. / 97 อ่านเพิ่มเติม »