Posted on July 26, 2014 by News Admin
Entrepreneurs looking to enter Illinois’ medical marijuana industry could get help with one of the biggest issues facing cannabis startups: funding.
Prairie Wellness Fund Ltd. announced it is hoping to raise as much as $100 million dollars to provide fledgling marijuana companies in Illinois with letters of credit and loans to help them qualify for business licenses and gear up operations.
The move opens more doors for wealthy individuals and investors who want to get involved as well.
The state will allow 21 dispensaries to operate, each of which faces significant expenses for real estate, buildouts and starting inventory – on top of a $2 million surety bond and $500,000 in working capital demanded by the licensing authorities. The locations are expected to begin operating in spring 2015.
The debt market for financing cannabis companies is especially lucrative, and its perceived risk is lessening as the government backs off the industry.
Executives at Prarie Wellness said that loans extended would likely carry interest rates similar to credit cards, as repayment would be tied only to the personal guarantee of the individual borrowing the funds.
The fund is expected to officially begin soliciting investors in September.
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