A marijuana banking and financial service provider, StandardC, announced on Wednesday that his lending partner had closed the first $ 5 million loan from their new $ 200 million fund for a marijuana grower using the company’s platform.
The San Francisco, Calif., Based company noted that this partner has extensive experience in the cannabis lending industry, facilitate home loans and the deployment of growth capital for companies like Port side (OTCQX: HBORF), Caliva and other multistate operators.
While most lenders have been reluctant to serve the state-licensed cannabis industry, StandardC’s lending network has innovated to provide profitable financing. These new credit facilities have increased the capacity of the StandardC network, Who can now provide enhanced banking services to over 1,500 cannabis and marijuana businesses through its network.
“For too long, the cannabis industry has been unable to obtain loans and lines of credit without paying a ‘cannabis tax’ where lenders charge exorbitant interest and fees.” Robert mann, said the CEO of StandardC. “Our network enables a consortium of lenders to offer home loans, lines of credit and more at a great price. “
Robert baron, CEO of StandardC, commented: “While loans to the state-licensed cannabis industry were previously thought to have far too many inherent risks, StandardC’s proprietary prequalification and monitoring technology helps lenders to ensure that cannabis businesses operate in accordance with federal law and banking guidelines, thereby providing this lender with greater assurance on the security of its loans and lines of credit for businesses related to marijuana. “