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Colorado becomes one of first states to offer business loans to cannabis industry

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JUST IN: Colorado becomes one of the first states to offer business loans to the cannabis industry.

Colorado became one of the first states in the country to offer business loans to the cannabis industry on Monday.

The program will be treated as a revolving loan fund, with interest returning to it. As a result, the initial $1 million put into the program is predicted to yield $2.9 million over the next decade. Forty states and Washington, D.C, have legalized medical marijuana, but cannabis businesses are hamstrung by the absence of federal legalization because it impacts their access to banking services such as loans.

Source: News Formal (newsformal.com)

 

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