A marijuana banking and financial services provider, StandardC, announced Wednesday that its lending partner had closed the first $5 million loan from their newly established $200M fund for a marijuana cultivator using the company’s platform.
The San Francisco, California-based company noted that this partner has extensive experience in the cannabis lending industry, facilitating real estate loans and deploying growth capital for companies like Harborside (OTCQX:HBORF), Caliva, and other multi-state operators.
While most lenders have been reticent to serve the state-licensed cannabis industry, StandardC's lending network has broken new ground to offer cost-effective financing. These new credit facilities have expanded the capacity of the StandardC network, which 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, CEO of StandardC stated. “Our network is enabling a consortium of lenders that can offer cost-effective real estate loans, lines of credit, and more."
Robert Baron, CEO of StandardC, commented, "While it was previously thought that lending for the state-licensed cannabis industry carried far too much inherent risk, StandardC's proprietary pre-qualification and monitoring technology helps lenders ensure that the cannabis businesses are operating in compliance with state law and federal banking guidelines, thus providing that lender with greater assurance on the security of its loans and lines of credit for marijuana related businesses."
