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Is a new cash cow headed your way?

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Mortgage Professional America | 30 Sep 2014, 08:02 AM Agree 0
A new opportunity for lenders may be opening up in several states across the country. Is yours one?
  • bob | | 01 Oct 2014, 10:25 AM Agree 0
    Florida is NOT one of the states trying to legalzie marijuana. We have a medical access amendment on the ballot, but only medical, not legalization.
  • @CBizMoney | | 07 Oct 2014, 12:41 PM Agree 0
    My firm is also based in Colorado and has several private investors willing to provide mortgages as well as working capital to the marijuana industry. With more than 20 states already legal in one way or another and another half dozen with medical or retail on the ballot it will be hard for banks to keep pushing them away. For now the industry in Colorado is restricted but the state legislature has sent requests to the federal government to change the banking laws. Some local banks here have beat us out of a few retail center finance deals and I'm sure more community banks will follow as they see the federal government staying away.
  • Glen Weinberg | | 07 Oct 2014, 02:10 PM Agree 0
    Unfortunately even with the prospective changes in CO law, the banking landscape will not change until it is changed at the federal level. Last year the Colorado legislature proposed a co op model that has gone nowhere. Community banks, state banks, etc.. will not get heavily involved in the industry since they still need access to the federal banking system (check clearing, etc...) For now private money will be the only source of financing until national legislation is passed (not guidance memos that have yielded nothing)
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