and half of them are ok with their bank or pension funds being invested.
Honestly, I expect the investment market for cannabis to be over-inflated. Everybody I’ve spoken with who doesn’t have a good handle on the industry is expecting huge returns on investment. It has all the signs of a huge bubble.
So, I am opening a retail, would like to open in Mid May but funds are running short, where can a person go to borrow money easily? I live on an island in Alaska and I would be the only retail outlet here. We have a great tourist trade in the summer not to mention hundreds of canary workers are brought in each summer to work.
We are also putting in a grow in the same building but we have almost everything for that as we are taking an illegal grow and making it legal.
Any advice would be greatly appreciated. Need about $20 - $25k for inventory.
Let me tag a few of the investment folks here in the community to see if they can help connect you with an opportunity:
@garymorgan might be able to help you too, he’s up in Alaska as well.
We’re in the same town too! I wish I had some advice on where to find lenders willing to make a loan. Alaska’s made it difficult to seek investors as all persons with any interest in the company must be a resident with 12 months residency from January to December of the previous year. It also doesn’t allow crowdfunding which is another disappointment. So you basically have to find a person willing to loan $$ with an interest rate or payment plan. Petersburg has a fairly large group of millionaires, as it’s held the most millionaires per capita for many years in Alaska. Alaska as a whole is in 5th place in the United States with 18, 604 households with over a million dollars in investable assets. I’d say the best bet is to approach one of these potential investors and have that conversation. I’d stay away from offering any equity in the company even if they’re Alaskan. $25k isn’t a large enough sum to warrant a piece of the pie. It’s a lot of work growing and running a retail and to give equity for a small sum would haunt you for the rest of the life of the business.
I wish I could help you out with your inventory issue, but I sold the first harvest the same hour my license went active. Hopefully down the road I’ll be able to offer you some, but I couldn’t turn down the offer that I was given.
Too bad that Alaska doesn’t allow crowdfunding as I just ran across this site:
Don’t need your help Gary as we are putting in a Standard cultivation facility on the back side of my building. And that is already paid for.
I already found my funding, yes, here in town, by putting my ad in the paper. I am a home town girl after all.
I would never gamble my hard earned money on any grow that (MAYBE) good, I want to see it, smell it.
Good luck in your future endeavors, I think you will need it.