The cannabis industry is continually gaining legitimacy in the eyes of the public, even though stigma still exists to an extent, medical marijuana entrepreneurs are gradually being taken more seriously in the business world.
420 College is the cannabis sector’s most well known education institution and a small number of alumni are putting their skills to use and it’s paying off for them.
Financial institutions are recognizing the legitimacy of this business by opening bank accounts for medical cannabis operations with the help of the students at 420 College.
Starting up in this industry is much harder than people may think. There are a ton of resources that must go into the creation of a new cannabis business. Anyone getting started must have a fairly large amount of liquid assets and time to invest if they plan on being a legitimate and successful business.
Each individual student formed their own corporation and used what they learned at 420 College to help their presentations for the financial institutions. This included the use of very specific language that is compatible with the current industry regulations. The students were taught the importance of using the proper language that is in line with the laws and shows that each enterprise is to be taken seriously.
In Capitola, California last week, the Academy Mortgage Corporation approved a loan application from a 420 College student after looking over the completion certificate by the head of the educational institution.
Here is what the CEO, George Boyadjian, had to say about the issue,
“We have been doing our part in trying to educate people with an interest in the industry about how to do this the right way. The only way to succeed in this business is to comply with every guideline and every law even as they shift in time. It feels great to finally have some outside legitimization, especially from several objective financial institutions; this is just the beginning and we look forward to more of our students proving out what we’ve been preaching for some time now.”
This shows that it won’t be long before an entrepreneur can walk into a bank, seeking a loan for a medical marijuana operation, and be taken just as serious as someone opening up a bakery.
On the Canadian side the same thing is happening as well. Kwantlen Polytechnic University in British Columbia offered a course on becoming a licensed producer, evidence that the industry is moving forward in legitimacy. So look for more things like this in the future that will further establish the medical cannabis sector.