It has been less than a week since an old friend from Club Entrepreneur days back in Phoenix contacted me here on Linked In about an exciting new business that he entered into only 6 weeks ago. My friend, George, had been a member of the 10,000 strong entrepreneurial organization, Club E that I started in 2005 in Phoenix. George said that he had sold his Embroidery business and went to work with a tech genius who actually invented the Holy Grail of the Cannabis Industry...the only legal and authorized Credit Card Processing in the country. Due to the ongoing legal stalemate between the Feds and the States legalizing Medical Marijuana...with the Feds overuling the States with anything to do with Federally Insured Funds (i.e. banking)...the Cannabis industry cannot open up bank accounts, borrow money for their Cannabis businesses or even process credit cards with Merchant Accounts. Everything in that industry had to be cash...last year an astounding $28 Billion in cash!
After 2 solid years of lobbying and work connecting the dots and spending literally millions in development costs, George's friend and now employer, Jerry, actually has a beta tested and proven Merchant Account Processing solution for the Cannabis industry... with 700 Medical Marijuana dispensaries ready to pull the trigger.
The future certainly looked wonderful to this intrepid entrepreneur. Now, because of George...I had a chance to jump into the opportunity after I shared with Jerry what I could "bring to the party." You see, last December, my investment banking partner, Bruce, brought a brand new FinTech product to me and in a blog, I "invented" the Entrepreneur Credit Card. Bruce and I financed a little over $2 million these past 6 months without any marketing, (just his email list and my blogs) but our Underwriter has financed a cool $250 million in the past couple of years when the FinTech product surfaced. See our video explaining all at www.entcreditcard.com/imagine.
Over the last couple of months, I've been tinkering with unique applications of the flexible FinTech tool I first fashioned as the Entrepreneur Credit Card. One such innovation evolved because I've been approached on a steady basis to provide funding to cannabis-related projects...since no Federally-insured bank can legally touch such a business. I reasoned that the dilemma of providing start-up and expansion debt funding for cannabis-related ventures could be resolved by renaming my Card to the Cannabis Credit Cardand loan the individual rather than the business the unsecured funds up to $175,000. We did several random fundings but I never pushed it...until now.
After cutting a cross-referral deal with Jerry, promoting his processing services with our capital for cannabis offer...we are launching "Cannabiz Insiders" after this weekend. The beta site was just launched today and guess what(?) our first request for cannabis funding came in only minutes ago! Tomorrow, Jerry visits me in La Jolla to meet my Team and investment banker and on Saturday morning, 8 bright and beautiful young women friends of mine are being trained by Jerry on how to sign up dispensaries for the merchant processing and cannabis capital offer. Since the Medical Marijuana industry is such a "Millennial" phenomenon and my sales team consists of young and beautiful "20 something" women...we anticipate a welcome reception when they bring two unique offers to the dispensary owners...the only legal merchant account processing system and fresh unencumbered "cannabis capital."
I've started a whole lot of businesses in my day, starting at age 19, (between 100-150 ventures) but learning about, conceptualizing, merging ideas, cutting the deal and launching the web site, with sales training starting ... all in under a week, is definitely a new record for me. lol
Wish me luck and watch what happens to a $28 billion dollar (cash only) start-up industry after we bring in merchant account processing and unlimited "cannabis capital!"
If you're in the industry then please go and look at www.cannabizinsiders.com , it's a little light on content right now but we're building more of it every day.