California cannabis company to offer loans after acquiring bank

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HARDCAR is now ready to help cannabis entities finance their operations

It took three years of solid and difficult negotiations, but a California-based cannabis company can reportedly now offer loans to the cannabis industry. HARDCAR, a company that has targeted banking operations for the cannabis industry, has announced a unique partnership that will allow cannabis companies to receive loans and other financial options to help them grow. HARDCAR’s new banking partner is reportedly a “multi-billion dollar” bank that is regulated in the US.

HARDCAR CEO Todd Kleperis says in a statement, “In the beginning, cannabis banking was only for high-revenue cannabis businesses because banks could justify the larger expense to monitor and process all transactions. Nowadays, banks are accepting smaller businesses and the pace of adoption has radically increased. These new loan services bring a whole new dynamic to the cannabis industry and we’re proud to lead the industry with the largest collection of financial options. Now any CBD or Hemp location can apply for traditional land loans, and very shortly, THC locations will be able to do so as well.”

It isn’t totally clear how HARDCAR and the bank, which wasn’t named, will overcome federal restrictions related to the banking industry and its interactions with cannabis businesses. However, it has already been established that more states are getting tired of waiting for federal changes and are looking for ways to offer banking solutions to the cash-only marijuana industry. HARDCAR’s new partnership could go a long way toward seeing more expansion in marijuana legal states, as well as additional consolidation.