Banks Are Redlining the 99% Out of the Legal Cannabis Industry
Shannon Hattan is the co-founder and CEO of Fiddler’s Greens, a California cannabis tincture maker, and as an entrepreneur she should be feeling great. Her ten-person company, based in Santa Rosa, got one the first adult-use licenses to grow cannabis in the state. Fiddler’s award-winning products are on hundreds of store shelves. The company is quickly approaching profitability.
HIGHLIGHTS
- Costly states regulations, combined with a lack of access to small business bank loans (due to federal prohibition) is de facto redlining all but the richest 1% out of legal cannabis.
- Small business bank loans are not an option, and Shannon is too busy complying with onerous state regulations to take meetings with investors.
- Top brands have just fallen off the radar because they weren’t able to walk in and pitch to venture capital firms.
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