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  1. #1

    Marijuana Lenders??? Do you work with them? How do they pay and work?

    Someone please help me understand the way that these guys do underwriting and how they pay brokers!???!

  2. #2
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    An MCA funder will pay points
    A real estate lender will pay points
    An equipment lender will pay points

    They all have underwriting based on those types of financing. Bank statements, maybe taxes, real estate value, equipment value and debt service.
    Last edited by abfunders; 01-04-2021 at 12:04 PM.

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    Also, with the right relationship, you can potentially get the merchant processing.

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    EJH... your post reads like blood in the water.

    First, what kind of business is it? Grow? Dispensary? Manufacturer of some sub product? Is it CBD? Is it THC/Medical?

    What do they need the money for? How much? How little?

    Then... you need to find the best avenue of capital for the use.

    Dispensary with processing? Get a CC split. Get the processing too (like Micah said). Or if they have no processing, put it in place. Flexible and based on daily sales. Ideal.
    Need equipment? You might want to go equipment financing route... 5 years, lower rates, faster approvals for fundings under 100k.
    Looking to expand operations into new location? Hard money is the way to go. Fast, cheaper than MCA and large $ amounts.

    You might want to consider working with someone on the first deal or two...

  5. #5
    Senior Member Reputation points: 2902 JParr's Avatar
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    Happy to assist with your cannabis equipment deals! Will also consider working capital deals but must be secured, most commonly by real estate and/or equipment.
    Joshua Parrish | SLIM Capital
    (415) 938-4977 | josh@slimcapital.com
    www.slimcapital.com

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    Cannabis credit card split will not happen , unless someone falsified a bank application and secured credit card processing
    under a miscoded MCC since cannabis continues to be Federal ILLEGAL.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  7. #7
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    Quote Originally Posted by Yankeeman07 View Post
    Cannabis credit card split will not happen , unless someone falsified a bank application and secured credit card processing
    under a miscoded MCC since cannabis continues to be Federal ILLEGAL.
    Dave, you're only half wrong. This time. It's federally legal, correct. However, get their debit card processing with the right financer, and they will do the CC split.

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    Quote Originally Posted by Yankeeman07 View Post
    Cannabis credit card split will not happen , unless someone falsified a bank application and secured credit card processing
    under a miscoded MCC since cannabis continues to be Federal ILLEGAL.
    Go tell Trulieve how you feel, Dave!

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    Quote Originally Posted by Steven_O View Post
    Go tell Trulieve how you feel, Dave!

    Yeah Dave. This is a chill environment. Screaming out illegal and marijuana at the top of your lungs like that really breaks up my...,..um...,nap

  10. #10
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    I'm very familiar with Trulieve since I have family that is a store manager. They still deal with a huge amount of cash.

    All of these lawsuits have a common theme - someone, somewhere falsified information.

    https://www.leafly.com/news/industry...enly-shut-down

    https://www.alt36.com/blog/point-of-...nabis-industry

    https://medium.com/@ken.ramirez/are-...s-c2f4ad62bab3

    https://www.greenmarketreport.com/pr...-move-forward/
    https://www.law360.com/articles/1330...redit-card-row
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  11. #11
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    Quote Originally Posted by Yankeeman07 View Post
    I'm very familiar with Trulieve since I have family that is a store manager. They still deal with a huge amount of cash.

    All of these lawsuits have a common theme - someone, somewhere falsified information.

    https://www.leafly.com/news/industry...enly-shut-down

    https://www.alt36.com/blog/point-of-...nabis-industry

    https://medium.com/@ken.ramirez/are-...s-c2f4ad62bab3

    https://www.greenmarketreport.com/pr...-move-forward/
    https://www.law360.com/articles/1330...redit-card-row
    Dave, it's called a cashless ATM, nobody has to falsify anything. You refuse to believe that it's legal or legit, and you're leaving money on the table. Meanwhile, I have a merchant doing $50,000 monthly in his low months on the platform (and hopefully $500,000 in his high months) and got him free terminals.

    Why do you believe Ken Ramirez?
    Last edited by abfunders; 01-05-2021 at 01:40 PM.

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    Ken Ramirez works for alt36, which is a an ACH-only payments platform (and involved a bit of blockchain crypto called DASH) and have a vested interest in competing and giving a biased view on the cashless ATMs. Not sure if it settles in USD or not, but it may.

  13. #13
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    Quote Originally Posted by abfunders View Post
    Dave, it's called a cashless ATM, nobody has to falsify anything. You refuse to believe that it's legal or legit, and you're leaving money on the table. Meanwhile, I have a merchant doing $50,000 monthly in his low months on the platform (and hopefully $500,000 in his high months) and got him free terminals.

    Why do you believe Ken Ramirez?

    Cashless ATM's get shut down quite often. It has nothing to do with Ken Ramirez article - There are many reasons cannabis accounts with the so-called work arounds are being shut down.

    It is the FDA/FTC/SEC that can cause an operation to be shutdown , thereby creating a charge-back issue or funds being held, bank accounts being closed, etc.

    There is still too much uncertainty within the industry and operators not knowing or just ignoring laws.

    https://www.law.com/njlawjournal/202...20210005141110

    https://www.ftc.gov/system/files/doc...astatement.pdf

    https://www.sec.gov/news/press-release/2020-14

    https://www.sec.gov/litigation/litre...20/lr24857.htm
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  14. #14
    Hello @EJH,

    My company Business Capital Providers actively funds marijuana, CBD, Cannabis deals. They are structured as MCA's daily or weekly payments. Terms are up to 10 months. We pay up to 12% commission. The only caveat is we don't fund California merchants at this time.

    David Stewart
    Director of Business Development
    Business Capital Providers
    Office:954-364-7764
    Mobile:954-937-1218
    david@bcproviders.com
    bcproviders.com

  15. #15
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    Quote Originally Posted by Steven_O View Post
    Go tell Trulieve how you feel, Dave!
    Additional info on why credit card processing is a not allowed for Cannabis

    https://cannabusiness.law/new-law-re...and-cbd-vapes/
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  16. #16
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    Quote Originally Posted by Yankeeman07 View Post
    Additional info on why credit card processing is a not allowed for Cannabis

    https://cannabusiness.law/new-law-re...and-cbd-vapes/
    Telling people they "can't" do things, is a crab mentality. YOU, can't do it ...but it's being done legally via workarounds.

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    Quote Originally Posted by Steven_O View Post
    Telling people they "can't" do things, is a crab mentality. YOU, can't do it ...but it's being done legally via workarounds.
    What Steve said!

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    Quote Originally Posted by Steven_O View Post
    Telling people they "can't" do things, is a crab mentality. YOU, can't do it ...but it's being done legally via workarounds.
    IF it was legal - we would not need "workarounds" I challenge to to contact the Risk Department of any of the Top Tier Processors and ask a simple question.
    Do you board Cannabis?

    1)FIS
    2)FISERV
    3)Global Payments
    4)EVO
    5)The Blackstone Group
    6)US Bank
    7)J.P.Morgan Chase
    8)Nuvei
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  19. #19
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    Quote Originally Posted by Yankeeman07 View Post
    IF it was legal - we would not need "workarounds"
    ...workarounds aren't about legality, they are a barrier to entry for a market that is controlled by a select few who seek to dominate the market space quickly to be the #1 leader in the space... i'm going to leave this conversation there...

    I love ideas, planning, strategic things... I should've been a lawyer.

  20. #20
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    We don't need more lawyers That's whom screwed up Elavon/US Bank - We were rocking along until the legal beagles became involved.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

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