Even though I had been working in the cannabis industry for years and even though I experienced firsthand the difficulty of raising capital, I did not expect it to be this hard when I opened my own cannabis company.
EVEN THOUGH I had been working in the cannabis industry for years as a general counsel at a multistate operator in Illinois, and even though I experienced firsthand the difficulty of raising capital, I did not expect it to be this hard when I opened my own cannabis company, Dynamic Jack, in New Mexico in 2021.
I knew, of course, that opening a bank account would take a while and that we would not be able to seek funding from most financial institutions. So, I initially did what all entrepreneurs do: I raised money from friends and family via a SAFE. We were successful at first, but it was slow going with capital drying up industry-wide (for reasons requiring a separate article).
– Read the entire article at Rolling Stone.
