Enlisting Different Types Of Financing Options Available To The Cannabis Business Owners!!!

 It is in February 2022 that growing cannabis for commercial purposes has been legalized in New York and thus, farmers are thinking of How to become a grower in New York? The most important factor that contributes a lot to becoming a cannabis grower is capital. In case you don’t have sufficient funds, you won’t be able to carry out different activities required to grow cannabis. This blog will guide you about different financial options that are available to cannabis business owners.

How Much is a Grower’s License in New York?

 

Oftentimes, two types of financing options are available to the individuals owning the cannabis business- debt funding and equity funding. Debt funding involves obtaining a loan from the financial institutions at the pre-specified interest rate. And equity funding involves offering shares of a particular enterprise in exchange for capital.

 

Different types of loans for cannabis business:

 

Here mentioned are different types of loans that a cannabis cultivator can apply for:

  • Private Loans: Private loans can be obtained from non-financial institutes. The interest rate charged usually falls between 8 percent and 25 percent and lending terms are from one to four years. Lenders prefer to fund the growers and manufacturers working with cannabis products.
  • Real Estate Loans: In case you want to purchase land for growing cannabis then you should opt for a real estate loan. The interest charged falls between 8 and 20 percent and the lending duration is for one to six years. 
  • Equipment Leasing Loans: Do you want to purchase equipment for growing cannabis? Look for an equipment leasing loans option. Using this particular option you need not invest in purchasing the required equipment, you just can lease the same for desired time. 

 

Bottom Line

 

Before you go with any of the above-mentioned loan options, it is recommended to know How Much is Grower’s License in New York? This will allow you to choose the appropriate finance option to meet your business's financial requirements.

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