The Maryland Medical Cannabis Commission passed a new rule this week that will allow cannabis business owners to use their licenses as collateral for bank loans, reported the Baltimore Business Journal.
Chris Chick, the chief lending officer of CFG Bank – one of the few Maryland banks known to lend to medical cannabis businesses – called the new policy a “step in the right direction.”
Running a cash-only business doesn’t come with a formal price tag, but it does have two significant costs, public safety, and inefficiency, according to Eric Kaufman, chief revenue officer of Dama Financial.
The biggest price of operating in cash is the security threat it poses. Many cannabis businesses dedicate hours to counting currency. This also represents a problem to pay utility bills and cover basic expenses using …