Title: How to Get Funding for a Marijuana-Cannabis Business: 4 Options | SuperMoney!
Headings: How to Get Funding for a Marijuana-Cannabis Business: 4 Options
How to Get Funding for a Marijuana-Cannabis Business: 4 Options
$6.7 billion
Options for funding a cannabis business are limited, but solutions and creative financing workarounds do exist.”
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Cannabis business funding options
1. Use the equity in your home
HEL – Home Equity Loan
HELOC – Home Equity Line of Credit
WEIGH THE PROS AND CONS
Pros
Cons
2. Use credit cards
Pros
Cons
3. Try an online business loan
Pros
Cons
4. Opt for a personal loan
WEIGH THE PROS AND CONS
Pros
Cons
Additional cannabis business financing tips

Content: Pros
Easy to qualify if you have sufficient equity
No restrictions on how you use the money
Low interest rate
Interest paid could be tax deductible
Cons
Fail to pay the loan and you risk losing your home
No funding if you don’t have sufficient equity
There are variable interest rates for most HELOCs
You may need to pay for a home appraisal
2. Use credit cards
Think you can get your cannabis business off the ground quickly and start turning a profit? You might consider financing the venture with a credit card featuring a 0% introductory rate. Most of these cards won’t charge you interest for 6 to 24 months. Two years could be sufficient time to build a thriving business. In order to get a 0% introductory rate credit card, you need good credit (700+). How much credit you receive will also depend on your credit rating and the amount of other debt you have. Keep in mind that, once the introductory rate is over, if you still have a balance, you could pay double-digit interest rates. WEIGH THE PROS AND CONS
Compare the pros and cons to make a better decision. Pros
Once you get approved, you can fund your cannabis business immediately
Pay off the 0% introductory rate card in time, and you build your business expense-free
Cons
Fail to pay off the 0% card in time, and you’ll pay high interest
You may not qualify for a 0% credit card if you have a low credit score (under 700)
3.