Although the cannabis industry thrives with potential huge profits as it continues to grow, cannabis business owners face the difficulty of finding more funding options. Tony Frischknecht talks with Scott Jordan, founder of the Alternative Finance Network that aims to serve cannabis business owners by providing a one-stop-shop for all their loan needs. Scott tells Tony all about the problems business owners face, from having confusing laws and regulations to high taxes, and getting loans to buy profitable businesses. He also talks about the Safe Banking Act and how it can affect the industry, especially business owners. Learn more about the Alternative Finance Network and see how it can help you if you’re interested in starting a business in the cannabis industry.
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Alternative Finance Network: Providing Multiple Funding Options For Cannabis Business Owners With Scott Jordan
Thank you for joining me. What most of us hear in cannabis, at least one of the biggest topics, is financing and banks. We hear this constantly. Articles are always coming out, “There’s no banking for cannabis. How do we get funding? Everybody is self-funded.” If you’ve got money, you’ve got some deep pockets from who knows where people are coming up with it. I’m bringing on a guest that has been in this industry for over ten years. He knows the ins and outs of financing. We’re going to talk about some banking stuff.
He created the Alternative Finance Network to serve cannabis and hemp business owners by providing one-stop shopping for all your loan needs. Whether it’s financing real estate, equipment, working capital or accounts receivable, he has a funding source who can fund a loan and get your best possible rate and terms for your needs. Welcome back to the show, The Cannabis Money Man, Scott Jordan. Scott, thank you so much for being on. How are you doing?
I’m doing great, Tony. Thank you so much. It was great seeing you at the NoCo Hemp Expo. It felt like I got let out of jail or something, not that I know what that is like. Figuratively speaking, it was like, “Three-dimensional people that I can run into randomly that I know, like and trust,” it was great.
Being back, that’s pretty much the first event that I was at. I could see the energy in the air. Even though we had our masks on, which created some issues by talking, we were out in public. Whatever we had to do to be there, I was fine with it. How did you feel about it?
It was great seeing people. I thought it was a good show. Hats off to Morris and his team for pulling that off effectively. It was great seeing you.
You as well, Scott. For the readers out there, please follow us both. That would be great. We went to the Hemp Expo, which started in Northern Colorado and has moved down to Denver. It seemed that there were 300 or 400 booths there. I didn’t count them all. They have a big area at the National Western Stock Show in Downtown Denver. They’ve got two different floors: a lower level and they had the upper. Did you get a chance to get upstairs at all?
I did, and it was great. It was nice seeing some of the companies there.
I met some pretty interesting folks. For those of you out there, in the next few episodes, you’re going to learn about some of these people that I’ve been interviewing and talking to. They’ve got some amazing stuff. Let’s get back into financing and banking. One of the biggest things that people have been talking about, especially in the industry for what seems a couple of years, is the SAFE Banking Act. If you’re not familiar with it out there, they’re trying to get some legislation in place that allows them to do banking when it comes down to it. Scott, there are details in this. It allows banks that are in hemp and cannabis to do banking. What can you tell us about the SAFE Banking Act that maybe people aren’t aware of out there?
It’s going to be potentially passed with a bunch of watered-down provisions like Congress always does. What’s happened is it has a chance these days because Mike Crapo, who used to be Head of the Senate Banking Committee, staunch anti-cannabis with the election changeover. He is no longer in charge of that. I’m hoping the vestiges of what he is left behind are not going to continue and that it will be passed. What will happen is it will allow more banks to get into the business of banking cannabis people. It will also allow the banks to not have the Draconian sword over their head if they violate the rules that they would be personally prosecuted. It will open things up more for lending.The Safe Banking Act will bring some safety to midsize and larger banks. It’s going to open up merchant services as well as lending. Click To Tweet
What I hear from people is they think that if the SAFE Banking Act passes, all of a sudden, banks are going to be opening up and lending. It’s not the case because the banks are only going to lend to the best of the customers. Most of the people that need a loan are not going to qualify for it. Who will benefit are the larger MSOs, the larger companies that are already established for 3, 4 or 5 years. They will have more choices of bank financing. As a precursor to that, and one of the things that my company has done, the Alternative Finance Network, we have several banks that are lending quietly. They’re not waving the flag. They’re not standing up and saying, “Come on in. We’ve got a loan application for you.” One, they’ll be overwhelmed. Two, 8 out of 10 people don’t qualify.
The banks come to us as a way to clean and screen viable applicants to give them exactly what they want to be teed up in the order they want. Knowing their criteria makes it easy for them to go through and approve 10, 12 or 15 deals a week. Without that, they would drown in a bunch of looky-loos that are not going to qualify. We’ve been fortunate in that. Being in the marketplace since 2009, I know a fair amount of people and many of them have decided to cross over the green line, as I say, after the election and many more on January 21st of 2021 when things settle down in Washington. Biden was able to enter the office and take things over here. It’s an exciting time because rates have come down from the low double digits for the best of the best, 12%, 13%. We now have real estate loans at 5.5% to 6%.
Scott, let’s talk about that. We live in a world with financing, and most people are familiar with the massive refinancing that’s been happening. People hear this 12% and 13% and they’re like, “How is that?” Scott, tell me how bad it was years ago?
I did my first cannabis loan in 2009. When I first started, the rate was 40% over eight months daily payments, which turns out to be an annualized rate of about 120% when you look at it and you look at the payback. It was crazy. Imagine borrowing $100,000 and repay $140,000 daily payments over an eight-month period of time. It was very high.
I want people to grasp that. We live in this world where we’re talking 2% and 3% to finance and refinance your home. You’re pretty much paying double. If you want $100,000, you’re paying $100,000. That is mind-blowing. Growing up through the industry, we paid some massive 20%, 30% interest rates. If you guys find a deal out there and you’re hemming and hawing about 9% and 10%, you’ve got to look at the reality of the situation. It used to be ten times worse. Scott has seen the whole gamut, I’m sure. Right, Scott?
Yes, I have the scars to prove it as well.
What would you say are some of the best financing deals out there for the average cannabis business?
We’ve got real estate in the mid-5% to mid-6% on a long-term basis from a life insurance company, a 20-year amortization and a 10-year fixed. It’s a great loan, particularly if you’re coming off 11% and 12% interest. I was on a call with a guy that manages two large funds. He has many household names in it. He couldn’t believe that the rates have dropped that low that quickly. I said, “The banks are out there competing.” From the banker’s point of view, which few people will tell you about, but I’m going to let your readers in on the secret. The aggressive ones are thinking, “I can get 100 to 150 basis point premium for a warehouse that’s a cannabis tenant as opposed to a warehouse that is a non-cannabis tenant. I’m going to go ahead and take that premium to enhance my profitability.” That’s one of the reasons why they’re doing it.
The second is they feel certain the SAFE Banking Act will pass in some form or another. They want to beat the crowd to the gate there. They also want to pick off some of the best customers because now is the time, if you’re a cannabis business owner, to go ahead and get yourself aligned with a bank that will be lending to you that understands your situation and that you’ll have a relationship with. That’s what we do, we facilitate those relationships. You ride in on my coattails, you draft on my being ahead of you in the crowd, and you get to the front of the line or you’ll get told, “You’re not ready. You’ve got to have certain things to be ready for a bank.” Many people that I see that haven’t been through the audit process or having their financials in order don’t qualify for it.
That’s a solid point. We were one of the fortunate few in the beginning when we found our bank. If anybody hasn’t learned from Scott before, he was early on in my beginning episodes. You were in the first ten, Scott. He worked with a bank. It was one of the first banks in Colorado to provide bank accounts. The president and owner of the bank created a ton of regulations around banking, specifically for cannabis.
Sundie was a pioneer. God bless her soul. As I tell people, she is the Jackie Robinson-Rosa Parks combination for banking in the cannabis industry. She took a huge chance. She could have gone to jail for her lifetime, her kids’ lifetime, and her grandkids’ lifetime five times over. She had sessions where Trump woke up one day and decided, “We’re eliminating this industry.” She would have had no backup. She would have had no defense on that because she was money laundering. Even though she was following the regulators, the regulations were not the law. She’s a brilliant woman and a great strategist.
Had things not worked out, she could have been in jail. That’s a risk. Even myself that is on the bleeding edge of things a lot of times, I wouldn’t take that risk especially at the stage of life that we both are in here where we want to enjoy life a little bit because we were taught all of our life. The whole industry owes a debt of gratitude towards her because had she not started down the path, she wrote the book, we wouldn’t have the number of lending choices that we have.
We were a product of timing to get banking. For those that are not in Colorado, how would you suggest they go about finding financing? Do you do out of state too? I’m sorry, I didn’t even ask that.
Yes. We’re in all 50 states. Because it’s legal, we can help. We know the bankers that are banking in each particular state. If someone is currently unbanked and doesn’t know where to go, we would be happy to help them.
Is there availability? Is there space? The last time I’ve looked for banking, people have waiting lists. Are there availabilities to hop on some of these locally chartered banks?
The best banks, the ones with the lowest rates are the ones that you’re probably going to have to wait for. Banking has opened up tremendously. A couple of years in this business is like dog years. It’s a completely different landscape before November 2021. The choices that I had, the life insurance company, the hedge fund, the bank, I’ve got a bank that is lending in the mid-5% for the right types of deals.
If you had told me that, I would have killed people for that. It’s unbelievable. I’ve got goosebumps from that because I’m like, “If I had to have that opportunity, I would have taken that.” All of my business partners would have too. We’re like, “We can finance real estate.” For those of you who haven’t caught some past episodes, there were times where we were dealing with landlord issues. They put you over a barrel if you didn’t have to renegotiate your lease every year or a year and a half because, for some reason, the city needed some sign-off from the landlord, you’re bent over and said, “I’ve got to take it.”
It was bad. People don’t realize the risk. The early days were difficult because you didn’t have the money to buy the building. There were few hard money lenders out there to even buy the building. If you didn’t have the cash to buy your warehouse, you were putting in millions of dollars to upgrade the lights and everything else to grow not knowing if the landlord was going to have a change of heart. I’ve heard stories that the landlord died, kids took over, they were anti-cannabis, locked the doors, and you were done. You invested millions and millions of dollars and nobody was giving you any love back then. Everybody thought you were making money hand over fist, which is not the case.
Anybody that’s trying, working in it or started, gets it. They understand.
File your first tax return. See what your accountant says about this little thing called 280E and tell me how much you net after that.
I talked about that in several episodes. Let’s get back then. Since people can get banking now because I know it’s possible and I’ve seen it happen. You said it’s opened up quite a bit more banks who are more comfortable. I’m sure they’re following the book that Sundie wrote. In your opinion, what does the SAFE Banking Act bring to the industry?
It’s going to bring some safety to the mid-size and larger banks. It’s going to open up merchant services as well as lending from the same institution that you’re depositing into. Those will be the major things that customers will see. There will be a lot of things behind the scenes that will make it easier. My prediction is that’s not going to probably happen until the latter half of 2021, and then it will be watered down like everything else that congress does. Somebody will have a special interest, they’ll want to put that in. You can get banking in any state of the union for more than one bank. It is not as big a deal as it was back in ‘09. When we got started back in the day, there were no banks that were legally doing it. Sundie came along. We had one bank that was doing it back then. Other than that, they were quiet about it and you had to be out on the Western slope to get a real bank account.
In those days if you got a bank account, you didn’t tell. Even your closest friends, you wouldn’t tell the name of that bank. You didn’t want to get it shut down. You’re like, “We finally got somebody that will take our money.” For those of you out there that are like, “I want the absolute best rates,” I get it. However, having a banking period is worth paying for, at least for now. If SAFE Banking Act gets passed, you’re going to see a quick shift there like what Scott said. That is going to open up banks all over the place. I’m not going to say your Wells Fargo and we’re going to jump right on it. Eventually, they will because they’ll see nobody is getting in trouble and everybody’s following the rules. It’s pretty awesome. We’re going to see a reduction. Do you think it’s going to go lower than that in interest rates?
This is the first foray into the market. From the bank’s point of view, they feel like they’re getting a 100 to 150-point basis premium. They love it because the risk is not there. They are all in favor of it as we see what the default rates are. What people don’t understand, especially people that are borrowing money on the cannabis side, the biggest expense you have, you don’t know what it’s going to be. It’s the default rate. When I first was starting to get into procuring loans, we had to stick a number in there. We didn’t know whether that number was going to be 2% or 20%.
When you’re looking at that, you have to realize that not everyone’s going to pay their bills. When you get stuck in an early default, it eats up a lot of profit and a lot of margins. As a result, you’ve got to overestimate that. You’ve got to have 7, 8 to 9 points built-in above what you’re borrowing at. Previous to me starting to offer revolving lines of credit for banks, credit unions and hard money lenders, no one was doing what we call a rediscount line. A rediscount line is where someone goes ahead and lends to someone to re-lend out. Now, 5.5%, 6% is possible to get. You can re-lend out at 9%, 10%. Especially if you’re a bank or a credit union and have the deposits, you’re going to be pretty safe because A) It’s difficult to change bank accounts if you have one. B) If you default, they will have a provision in the loan documents setting off the payment and taking that payment right out of your account to make sure that they’re 100% in compliance. The third thing is because the industry is so small and the banking industry has only got a handful of players in each state, you don’t want to be on that bad boy list and not be able to get another bank account because you defaulted on the previous.Getting the cannabis retailer license is great but getting it without the money is valueless. Click To Tweet
You’re an absolute moron if you have defaulted and you’ve lost. To lose your bank account would be moronic. Everybody that’s been in cannabis for quite some time has had some changes. You started with Dynamic Funding, correct?
As we evolve and we shift, we’re going into new areas and starting new companies. How was that for you to make that shift? Was it pretty easy? What challenges have you had?
My career in cannabis started with Dynamic Funding. Because we started doing so much business and they had two other businesses, it created a separate company called Dynamic Alternative Finance. I was with them for five years. The company got sold. I took a job with another company in California that promised a lot and delivered little of what they promised. I thought, “I’m going to go out on my own and create my own company. I’ve got the contacts. I’ve got the network. I’ve got the ability to do this. Let me go ahead and see what I can do on my own.”
I started the Alternative Finance Network with the idea of bringing to cannabis business owners the best possible rate in terms of their situation with a multitude of lenders. It was difficult getting started at first. Because I had the reputation, people say, “You’re an OG’s OG in the industry.” I’m old and I’m also an old gangster in the industry. I was able to get some business to develop. With rates lowering, I have an exciting product for multi-state operators. They’re looking for revolving lines of credit. We’ll be announcing a deal here shortly with a multi-state operator where we’re doing a revolving line of credit in the mid-single digits, which is unheard of. It helps their business out quite a bit, which shows a couple of weak spots that they have in terms of not quite having all of the cash that would be needed to run a more efficient business.
When you don’t have terms on anything and everybody is COD, it’s great when you’re small. You’re like, “Cool, I’m making this happen.” When you go from $1,000 or $10,000, up to $100,000, you’re cash-poor really quick.
The industry is changing in that regard either way. I didn’t use to see any accounts receivable on people’s balance sheets back in the day. I would say it’s much more common. Many companies are having to offer terms to be competitive. That’s a great thing. I’m a big believer in owning your real estate. Why not have your customers pay off your mortgage? If you can get a mortgage, long-term at a low rate. You’ll see a lot of changes in the world of cannabis because when you can get a mortgage at 5%, 5.5%, why would you go ahead and do a sale-leaseback to IIPR or any of the other guys at 12%-plus 3% escalators every single year? It doesn’t make sense. Why not have your customers build your balance sheet for you by paying down the existing mortgage that you have? That’s the beauty of how many people have gotten wealthy or at least comfortable having someone else pay off their mortgage.
I’m glad you brought that up. You even brought up IIPR. That’s been a booming stock. They’ve been flying high for a while. What do you think about the SAFE Banking Act? How is that going to affect their business?
They’ll see a decrease in business. The days of getting 12%-plus escalators are going to come to an end. What I’m hearing and where we’re focusing our efforts on is lending to the lenders who say, “I want to come down to 9% or 10%.” As more banks get into it, there will be other sources of capital for people wanting to own real estate. Everybody wants to own their real estate whenever they can. It only makes sense to be able to control your destiny, build an asset, and be able to have that there for utilizing on your balance sheet or to create legacy wealth for you and your family. It’s interesting to see what happens.
The prices on real estate, I haven’t checked any warehouse real estate. 2021 has been crazy. It will be interesting to see what those prices are on square footage. In Denver alone, the real estate for the warehouse is pretty much non-existent. If it is, it’s super expensive. Some of these newer states are starting to probably realize this. I know they are, the newer markets. There are these landlords that have been sitting in these dead properties for decades and now are capitalizing on this. What advice would you give for landlords out there that are lending in newer markets?
Be prepared for cap rate compression. Be prepared to have better equipped and more financially sound tenants in your business. Watch out for what’s happening in the greenhouse space. As you know, greenhouse technology has improved quite a bit. The lighting has gotten a lot better. We’ve got a tremendous offer for people that need to put up cultivation particularly in a rural area where we can do 100% financing on the land and the structure, 90% on the interior, build-out and fit-out of the equipment. Someone can come in with 10% down on the equipment and stand-up cultivation.
That is unbelievable. We would have given our left arm for a deal like that. Ten percent, sure. With $1 million out there, we can come up with $100,000, no problem.
We’re aiming this at the social equity applicants. One of the things that we think is going on is that it’s great to get a license. Getting a license without the money to do it and to take and build it out is like getting a Ferrari with no gas. You’ve got to have the gas to be able to get to the next spot. If you don’t, the license is valueless. What we’re doing is we’re putting together a couple of things to help social equity applicants.
Number one, I am going to stand up a site here called Cannabis Capital Institute, where I’m going to make my presentations available that I’ve given over the years at these expensive conferences on what do you do? How do you get the money? What should the money cost? What do you have to do to prepare? How do you present effectively? What are the questions you need to ask? What are the questions you need to not ask? What are the things that you want to highlight? All of those things. There is no education that I’ve seen out there for cannabis business owners looking for money for their business. I want to fill that void.
Secondarily, social equity applicants need to know A) How to raise the money, B) If there’s a partner that can make it easy for them to get into business, they better own 51% of something that has the money to be able to succeed and 100% of a license where you can’t possibly be successful. Back in the days of 2009, one of the more famous companies that have built stores and then sold off to a large public company started with $150,000 and 5 pounds of weed they’d grown in their basement. That was how they started. I’d love to hear how companies got started or what you guys did. It was total hand-to-mouth grassroots, sinking everything and making it happen.
It was do or die. You didn’t give yourself the opportunity. I started with $30,000.
What did you end up selling out for? I’m curious. Tell the readers.
I’m still under a contract. I can’t divulge the exact amount but it’s in the millions.
That is huge.
It’s insane. The reality is the timing was a lot on our side. We were stubborn and our persistence finally took over. When it comes down to it, you were talking about social equity, I talked to people. I’ve talked to some people on the East Coast and they said that the majority of those social equity people got the license and they don’t know how to build a business to find the money to bring people in. They don’t have any channels. They don’t have any contacts. A lot of them have to partner up or they have to give away a lot of their ownership, as you said.
Swapping dollars for shares or actual percentage in the company. That’s what you have to negotiate when you’re in that position. It’s amazing you have some options for people out there. The one thing is giving away ownership isn’t always a negative thing if they’re bringing something to the table beside the money. If there’s some opportunity there for those out there who are like, “I don’t want to give away any ownership.” There are a lot of things that you don’t know how to do. In your opinion, Scott, how many people are doing this completely on their own?
A few, unless you’re rich. I wouldn’t even consider getting into space unless I had a minimum of $10 million, and I could afford to lose it because that’s the deal. If you don’t have it or access to it, you’re going to be going over the Golden Gate Bridge with a thimble full of gas and not knowing if you’re going to make it over to the other side. If you don’t make it over to the other side, what are you going to do? How are you going to get to the other side? It’s an expensive business to operate.
Despite what I see as being the popular myth here, people are not making oodles and oodles of money, especially owning a retail space. Especially, when you’re fighting 280E and the Draconian tax burden that you face. The worst that I see is people that are losing money. When they lose money, they’re now having to come up with the taxes owed because they’re getting taxed on the gross revenue. When it’s retail, they don’t realize that. When you form an LLC rather than a C corp, that travels with you. You’re never getting out of that debt, what you owe the IRS. It’s difficult.
It’s brutal. When I bring that up to potential people that are looking to get into the industry, they don’t understand that. As of now, with it not being federally legal and nationally legal, they don’t have the backing of the bankruptcy court. They can’t go in and file bankruptcy. What does that mean to the owner? What that means is you owe it. It’s going to sit all over your head. They won’t get rid of the debt because they don’t recognize you. We’re back to the whole taxation without representation.
It’s unfortunate because I can’t imagine, once you’re in that state of mind, dealing with the stress of losing everything. Not only the financial aspect but your family, your friends, and everything is going by the wayside. To be able to have the strength and willingness to fight forward to compete against something of your creditors like that, I don’t even know how you’d have the stamina to do it. You would fold. Unfortunately, that’s when people would turn to have mental issues, probably suicide, and stuff like that. I can’t imagine the amount of pressure on your life.
The opportunities are still massive. If you are well positioned and you find somebody like Scott that has a financing avenue, I would jump on something like that. Of course, always look at your details. I’m not telling you that because I know Scott, everything’s closed up. When you are looking at that, please make sure you understand what you’re signing, that’s always a first, especially social equity. If this is the first business you’re doing, you want to make sure you have somebody by your side. I’d suggest that.
I know there are different gentlemen out there that provide services. When you’ve got attorneys around you and stuff like that, hire somebody to help you. I can’t stress that more. Hiring somebody and finding somebody you trust to represent some of your interests. At the end of the day, if you’re not paying attention to your financing and what you’re signing, I can’t say that this is in Scott’s realm but in any financing realm, people get duped. You must’ve heard some stories where people get duped, Scott?There is no education out there for cannabis business owners looking for money for their business. Click To Tweet
I have. I’ll give one tip here for your readers. I took a look at a term sheet from a large equipment vendor and it was an $8 million ask. The rate was going to be at 15% and two points, but they wanted a $75,000 upfront fee. As I wrote him back, I said, “The rate is reasonable considering your situation. The 2% cost is reasonable considering that. In all of the years I’ve been in the finance industry, when someone charges that larger fee, I’ve never seen a happy ending for the borrower. If there is one, great. Let me know.” I’ve never seen one because usually, they’re going to take the fee, and then there’s going to be some excuse on why they can’t do this or they’re going to find something wrong with that or whatever.
An upfront fee should pay for costs, maybe $10,000 to $20,000 depending on the need for an appraisal. They will need an appraisal on some of the properties. As I’ve said, I don’t see this coming out as a happy ending. That’s one tip. Years ago, there was a guy who was running around saying, “I’ll give you $375,000 with no personal guarantee,” like a fantasy type of a loan, “Give me $400,000 upfront and don’t worry about it. We’re going to come through.” I’ve never seen one of those deals materialized, not one.
In many words, if it looks too good to be true, it probably is.
You’ve got it. Minimize your upfront expenses in terms of getting to a term sheet and getting to funding. No one needs that money unless there’s going to be an eminent rip-off. The other thing is if someone continues to come back to you after they’ve given you a term sheet with modifications and they tell you they’re the lender, they’re probably not telling you the truth. They shouldn’t have to continue to change terms if they’re writing the check. What’s happening is they’re going back to the real lender and the real lenders coming in and saying, “Here’s what the real terms are going to be.”
Once it gets to the underwriting, those guys ask a lot of questions. That’s an excellent point. Start being leery is what you’re saying when you get to that point.
Be cautious. Go with someone with experience. This is an important thing to do. Financing is one of the most important aspects of the whole business. If you don’t get that right, the rest of it doesn’t matter. It doesn’t matter how good a grower you are or how efficient you are running businesses. If you don’t get the financing right, the rest is meaningless. I say with that important decision, go with someone that’s been there, done that, and has the scars to show for it.
Scott, I appreciate you being on. I learned a lot. I’m excited for some of the stuff you’re offering. I’d be talking to you if I was going to start a grow because some of what you’re saying has never been available.
It’s the greenhouse financing. It’s not impossible to leverage. On a $3 million grow, come in with $300,000, you’d be able to build out probably 40,000 or 50,000 square feet in a little town. It doesn’t matter where, as long you can get power and water and utilities. It is unbelievable. People will do that. Take advantage of it.
Scott, thank you so much for being on. If people want to reach out to you, what’s the best way?
Go to my website, AlternativeFinanceNetwork.com. If you want to see the bank rate program, it’s AlternativeFinanceNetwork.com/bankrates. Send me a message. I’d be happy to see what I could do to help you grow your business. I wish all of you the best of luck in doing that. Have a safe and wonderful 420.
This is going to be playing after that. Unfortunately, they’re not going to catch it, but that’s okay. I appreciate that. I also want to thank you guys again for reading. I know this has been a bit of a longer episode. Some of the information he shared here was truly valuable. Hopefully, you were able to catch that. I’m sure we will have Scott back again. After the SAFE Banking Act would probably be a good time. Don’t you think, Scott?
I’m happy to do that. If it doesn’t pass this 2021 or 2022, I’d certainly like to update your folks. Usually, stuff happens in the fall, after people get back from summer vacation. I find there’s a lot of movement. I’d love to be back in October 2021 or November 2021 if SAFE Banking Act doesn’t pass to update things because there are many changes in the industry. If you don’t know, it’s an expensive lesson to learn what’s out there and what’s available. Have them reach out to you. I appreciate being on the show. I wish everybody a lot of luck. Maybe this will be out before 7/10 so that they can celebrate Oil Day.
If you guys don’t know what that is, google it up. You’ll see 7/10 is Oil Day. Thanks for the tip, Scott, it’s informative. Thank you, guys, so much for reading. I will see you again soon. Have a great day.
- Alternative Finance Network
- Previous episode with Scott Jordan
- Dynamic Alternative Finance
- Cannabis Capital Institute
About Scott Jordan
This Super Cool Guy is known as the Cannabis Moneyman!
Scott Jordan has successfully funded over $65 million in loans and equipment leases for cannabis business owners since 2014 and is a well-known speaker on the cannabis trade show circuit as well as has appeared on Fox – San Francisco, the Denver Post Cannabist show, Forbes magazine, CFN media and many more.
Scott has a passion for helping cannabis business owners achieve a “level playing field” and financial parity and works tirelessly to help each client obtain the capital they need to have access to the assets to grow their business at the best terms available in the marketplace.
Alternative Finance Network:
We provide choices for cannabis companies seeking to obtain the assets and the working capital they need to expand their business WITHOUT giving up equity and further diluting themselves. Whether you need equipment, working capital, real estate, or accounts receivable financing we have a solution for your business.
Using private lenders, banks, and credit unions who want to stay quiet about their activities with cannabis companies we can obtain the best capital for your situation and provide the lowest rates available. Utilize our network of over 35 different choices now with a single application receive multiple term sheets delivered right to your inbox while you focus your efforts on growing and running your business.
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