Commercial Loans Blog

New Problems Making Commercial Loans on Cannabis Properties

Posted by George Blackburne on Fri, Oct 20, 2017

Pot.jpgMy hard money commercial mortgage company, Blackburne & Sons, was considering a nice hard money commercial loan on a cannabis growing facility in Washington State, where properly licensed facilities are now legally allow to grow it and sell pot for recreational use.

But a big problem has arisen.  Every title company in the state is now refusing to issue title insurance, for fear of running afoul of Federal law, which prohibits the sale and use of marijuana.  If we can't get title insurance, we can't make the loan.

 

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What makes me belly-laugh is that, while I doing research for this short article, I ran across a product now being sold on Amazon.com.  It's a one-plant, discrete growing vessel for pot.  It's a mere $109, and its eligible for free, two-day shipping if you belong to Amazon Prime.  Ha-ha!  In defense of Amazon, one could grow parsley in your closet with this device.

 

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If any of you guys have a solution to my problem, please write to me at george@blackburne.com

 

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Topics: Pot growers can't get title insurance