{"id":223029,"date":"2020-03-31T18:01:42","date_gmt":"2020-03-31T18:01:42","guid":{"rendered":"https:\/\/cannabisindustrylawyer.com\/?page_id=223029"},"modified":"2024-06-11T05:56:54","modified_gmt":"2024-06-11T11:56:54","slug":"how-to-get-investors-for-your-cannabis-company","status":"publish","type":"page","link":"https:\/\/cannabisindustrylawyer.com\/how-to-get-investors-for-your-cannabis-company\/","title":{"rendered":"How to Get Investors for Your Cannabis Company"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"223029\" class=\"elementor elementor-223029\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1c68a092 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1c68a092\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-749a34c4\" data-id=\"749a34c4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-408aa00a elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"408aa00a\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to Get Investors for Your Cannabis Company<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f7ae778 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5f7ae778\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7e2ef882 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7e2ef882\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-3d397459\" data-id=\"3d397459\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-bb71bbd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bb71bbd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-fa1e811\" data-id=\"fa1e811\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8481f16 elementor-widget elementor-widget-image\" data-id=\"8481f16\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"500\" height=\"750\" src=\"https:\/\/cannabisindustrylawyer.com\/wp-content\/uploads\/2020\/03\/How-to-Get-Investors-for-Your-Cannabis-Company.jpg\" class=\"attachment-large size-large wp-image-223035\" alt=\"How to Get Investors for Your Cannabis Company\" srcset=\"https:\/\/cannabisindustrylawyer.com\/wp-content\/uploads\/2020\/03\/How-to-Get-Investors-for-Your-Cannabis-Company.jpg 500w, https:\/\/cannabisindustrylawyer.com\/wp-content\/uploads\/2020\/03\/How-to-Get-Investors-for-Your-Cannabis-Company-300x450.jpg 300w, https:\/\/cannabisindustrylawyer.com\/wp-content\/uploads\/2020\/03\/How-to-Get-Investors-for-Your-Cannabis-Company-200x300.jpg 200w, https:\/\/cannabisindustrylawyer.com\/wp-content\/uploads\/2020\/03\/How-to-Get-Investors-for-Your-Cannabis-Company-480x720.jpg 480w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-cf5e491\" data-id=\"cf5e491\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c755336 elementor-widget elementor-widget-text-editor\" data-id=\"c755336\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Welcome to our comprehensive guide to what you will need to do a<strong>\u00a0private placement offering of an equity interest in your cannabis company<\/strong>\u00a0\u2013 we hope you find this informative. Feel free to contact us with your questions about raising money for your cannabis company.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ee2904 elementor-widget elementor-widget-heading\" data-id=\"4ee2904\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Get Started on Your Cannabis Business Next Steps Here.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2141540 elementor-widget elementor-widget-text-editor\" data-id=\"2141540\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Looking for\u00a0Dispensary Information \u2013 Click Here.<\/p><p>Looking for Grower\u00a0Information \u2013 Click Here.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-319ef2f elementor-widget elementor-widget-heading\" data-id=\"319ef2f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u201cHow to Raise Capital for your Cannabis Company\u201d means your team has taken the extra steps to become legitimate. They have realized they need access to capital and so are preparing the various plans, financial projections and contracts you need to be taken seriously by sophisticated accredited investors.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ca08547 elementor-widget elementor-widget-shortcode\" data-id=\"ca08547\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><script src=\"https:\/\/www.buzzsprout.com\/259869\/3203845-how-to-value-your-cannabis-company-for-investors-raising-money-for-your-cannabis-business.js?container_id=buzzsprout-player-3203845&player=small\" type=\"text\/javascript\" charset=\"utf-8\"><\/script><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ded9048 elementor-widget elementor-widget-text-editor\" data-id=\"4ded9048\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>RELATED POST:\u00a0Getting a Job in the Cannabis Industry<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f888f5e elementor-widget elementor-widget-heading\" data-id=\"2f888f5e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Top Five Online Resources to Apply for Capital for Your Cannabis Company<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9aeb70b elementor-widget elementor-widget-text-editor\" data-id=\"9aeb70b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Not everyone needs to raise funding in the cannabis industry \u2013 but well over 90% of the teams do need more funding.\u00a0 If you have not secured about a million dollars for your dispensary and at least 3 to 6 for your cultivation companies, then you should consider raising more capital. Below are five online resources for your team to review.\u00a0 Hope it helps you put together the most complete and competitive application that your team can.\u00a0<\/p><ol><li><a href=\"https:\/\/www.lendio.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\">Lend.io<\/a><\/li><li><a href=\"https:\/\/www.diamondbl.com\/marijuana-funds\" target=\"_blank\" rel=\"noopener noreferrer\">Diamond Business Loans<\/a><\/li><li><a href=\"https:\/\/www.greenleafmoney.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Green Leaf Money<\/a><\/li><li><a href=\"https:\/\/fundanna.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Fundana<\/a><\/li><li><a href=\"https:\/\/www.honorenterprise.fund\/\" target=\"_blank\" rel=\"noopener noreferrer\">Honor Enterprise Funding<\/a><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ab074f7 elementor-widget elementor-widget-heading\" data-id=\"4ab074f7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How to Value Your Cannabis Company \u2013 Post License Award<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f200327 elementor-widget elementor-widget-text-editor\" data-id=\"5f200327\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Hi, I\u2019m Tom and you can find me by searching for\u00a0cannabis lawyer\u00a0and clicking over to my website cannabis industry lawyer.com \u2013 a resource for learning more about the industry that you want to get into \u2013 This is a fairly complex episode and start of a series that deals with finance and fundraising for your business \u2013 it will be advantageous to watch until the end and if you hang out until then, you\u2019ll learn why I know all this crap.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3fef488f elementor-widget elementor-widget-heading\" data-id=\"3fef488f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Today we are starting our first of a multipart series that will be in our playlist called Fundraising.  If you are getting into the cannabis industry and you are under a million dollars for your dispensary team, or under 4 million for your craft or micro grower team \u2013 then this is the playlist for you. <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-448f1f1 elementor-widget elementor-widget-text-editor\" data-id=\"448f1f1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>In our first episode we will talk about the valuation of your business so you can understand how to structure a private placement offering with your business valued at the post license price and not the application price.\u00a0<\/p><p>Your cannabis license has two valuations, pre-award and post award. In our research, we are going to continue to gather data regarding how much winners spent on their pre-award license costs. However, we anticipate that that will in the hundreds of thousands, probably about 200,000. Think about everything that you can buy to put into the best application \u2013 and what do we mean by best application.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a37e31f elementor-widget elementor-widget-image\" data-id=\"a37e31f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"735\" height=\"339\" src=\"https:\/\/cannabisindustrylawyer.com\/wp-content\/uploads\/2020\/03\/Complete-competitive.png\" class=\"attachment-large size-large wp-image-223042\" alt=\"Competitive cannabis applications\" srcset=\"https:\/\/cannabisindustrylawyer.com\/wp-content\/uploads\/2020\/03\/Complete-competitive.png 735w, https:\/\/cannabisindustrylawyer.com\/wp-content\/uploads\/2020\/03\/Complete-competitive-300x138.png 300w, https:\/\/cannabisindustrylawyer.com\/wp-content\/uploads\/2020\/03\/Complete-competitive-600x277.png 600w, https:\/\/cannabisindustrylawyer.com\/wp-content\/uploads\/2020\/03\/Complete-competitive-610x281.png 610w, https:\/\/cannabisindustrylawyer.com\/wp-content\/uploads\/2020\/03\/Complete-competitive-480x221.png 480w\" sizes=\"(max-width: 735px) 100vw, 735px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Complete &amp; competitive was everywhere in the QA for Illinois<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4297b60 elementor-widget elementor-widget-text-editor\" data-id=\"4297b60\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Let\u2019s look at the typical answer the state of Illinois gave, which will be similar to your state if you have a competitive cannabis licensing process.\u00a0 They want the most complete and competitive application that you can have.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6bdeecb elementor-widget elementor-widget-text-editor\" data-id=\"6bdeecb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Think of all the professionals you have to hire for getting your cannabis company ready to be successful in raising capital.<\/strong><\/p><ul><li>Lawyers,<\/li><li>accountants,<\/li><li>MBAs,<\/li><li>architects,<\/li><li>consultants for cannabis operations,<\/li><li>clerical staff to keep track of the complexity,<\/li><li>teams to go out into the community to gather support from its citizens,<\/li><li>literally everything that you need to do have your business be ready to \u2013 except for the award of the license.\u00a0<\/li><li>That gets really expensive.<\/li><\/ul><p>On average, dispensaries cost less than cultivation \u2013 but real estate and opulence could conceivably make it the apple store of dispensaries cost millions of dollars \u2013 we do not recommend this avenue for your team.<\/p><p>Still you have a pre-application cost of tens of thousands, if not low hundreds of thousands of dollars in organizational costs and fees to get your team to a point where it can legitimately compete for a small amount of licenses.\u00a0<\/p><p>After you have spent this time and effort to get your team together and your application in order, you have a better chance of winning and a more realistic sense of how much of your company you should have held onto.\u00a0 In Illinois, we have social equity concerns that often dictate how the company is structured. Stay tuned in this series for more information on operating agreements, and social equity operating agreements.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fa97c07 elementor-widget elementor-widget-heading\" data-id=\"fa97c07\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The amount of time and money you spent pre-award of the license is the valuation of your company before you have the right to do any business with cannabis. You do not want to sell your company at that valuation. <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f6dcac elementor-widget elementor-widget-text-editor\" data-id=\"2f6dcac\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Instead, you want to approach your investors with a post-license award valuation so that their infusion of money to pay for the buildouts to opening your doors for business does not result in them taking too much of the business away from the team that was required to win the license.<\/p><p>Many states have diversity and social equity requirements that really dictate how the team is to be brought together, or talent is in scarce resource and\u00a0<strong>so the classic \u2018smart-rich\u201d business combinations occur frequently in the cannabis industry.\u00a0<\/strong><\/p><p>The more your team presents the rich investor with a packaged deal that he or she can understand \u2013 the more likely you are to get that commit from them so when you win, they fund.<\/p><p>How much is a dispensary or a grow worth?\u00a0 Well, depends on a multitude of factors like the available canopy space to produce buds, or how much population your dispensary can serve.\u00a0 They do not really have averages, but you can look at cash flows and deduct expenses to get a net cash flow that you can put a multiple on to get a ballpark figure on how much you should value your dispensary or grow.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-507a559 elementor-widget elementor-widget-heading\" data-id=\"507a559\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How To Use Seller\u2019s Discretionary Earnings to Value your Cannabis Company<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c58441 elementor-widget elementor-widget-text-editor\" data-id=\"7c58441\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Let\u2019s first set some parameters in this model that you will use to determine how much you should charge for an interest in your cannabis company. We will use Seller\u2019s Discretionary Earnings, which is basically your net earnings, plus any salary you paid the owners added back in.\u00a0 This is net income before taxes \u2013 I\u2019m not sure if we want to use that, or to net out the taxes and just add another multiplier.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5addb40 elementor-widget elementor-widget-heading\" data-id=\"5addb40\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">For example, the average small business in america sells for 2.76 times SDE \u2013 Seller\u2019s discretionary earnings \u2013 If we added the taxes into the equation to just get at the net and truly free cash flows, then we could value the business at 3.76 times if we include the tax liability already. <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-690e09e elementor-widget elementor-widget-text-editor\" data-id=\"690e09e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>This valuation is getting closer to EBITDA (earnings before interest, taxes, depreciation and amortization) the average on those valuations is about 4 to 6 times \u2013 but this method is more for larger companies where the owners salary and benefits are far less of a dent than for small businesses worth less than 20 million dollars or so.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d55f13a elementor-widget elementor-widget-heading\" data-id=\"d55f13a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">So what can a dispensary net \u2013 in a ballpark figure \u2013 assume a population of about a quarter million people and an average sale of 50 dollars?? <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8fc34d7 elementor-widget elementor-widget-text-editor\" data-id=\"8fc34d7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Quite a lot actually, between 300 and half a million a month. And it could net, after paying taxes and all expenses, like costs of goods sold and wages, about 100 to 150 grand.\u00a0 So you are talking about over a million dollars of free cash a year. And you can probably get the regular dispensary open for business for about 200-300,000. Little more \u2013 little less \u2013 these are ballpark figures that are okay for valuing your business for the purposes of investors.<\/p><p>So put together your startup budgets for your dispensary at 500 to 1 million dollars.\u00a0 And, for example, assume $1,800,000 of net free cash per year \u2013 or SDE including tax \u2013 we multiply it by 3.5 and get a valuation of your dispensary of $6.3 million.<\/p><p>Remember, you probably only need to raise 500,000 to one million dollars for your dispensary. So let\u2019s say you go for the cool million \u2013 what should you sell your company at?\u00a0<\/p><p>That comes out to being about 16% \u2013 maybe you need to up their deal \u2013 well, you can offer a convertible debt that pays them back their investment, and gives them an equity stake \u2013 or maybe you just make the simpler offer of \u2013 I\u2019ll give you 20% of my dispensary for 1 million.<\/p><p>The best part for the investor is they do not have to pay, until you get the license. Now, again, the application itself may cost about 100 grand.\u00a0 So you can use options to defray that cost by saying, hey Mr. Millionaire \u2013 for 25 grand \u2013 I will give you the right to own 20% of our dispensary, which will require you to fund a note upon our win.\u00a0<\/p><p>Okay, now let me get my craft grower proformas \u2013 just a second, but if you are liking this content and finding it valuable, smash them thumbs up and subscribe \u2013 then share it with someone on your team.<\/p><p>Okay, well the grower proformas are of course completely different \u2013 they are dependent on the output yield you can sell with your canopy space more than the total amount of transactions that your dispensary can service. And I\u2019d like to give a shout out to\u00a0<a href=\"https:\/\/greengrowthcpas.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Green Growth CPA<\/a>s for helping us our with our proformas for the craft growers.\u00a0 Check out their episode, right here.<\/p><p>We figure that your free cash flows, even after you pay taxes and any profits to employees and the community \u2013 you will have about 1.5 to 2 million dollars depending on your yield.\u00a0 So does that mean that a grower license is worth as much as a dispensary license? No. You have to look at the upper limit of your campoy or plant number.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-92d80f6 elementor-widget elementor-widget-heading\" data-id=\"92d80f6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A 5,000 square foot flowering canopy may yield about 200 to 250 pounds a month.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-abb9fe1 elementor-widget elementor-widget-text-editor\" data-id=\"abb9fe1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>But the license allows you to flower up to 14,000 square feet of canopy space if you work with the state and be a good grower.\u00a0 That means your free after tax cash flows may be 2 to 3 times higher than the 1.5 to 2 million. So you can see that your grower venture could be worth over ten million depending on your yield and wholesale price point.\u00a0<\/p><p>How much is it to build out the high quality indoor grow \u2013 a lot. You can try to cut corners, but you won a license by promising to build a high quality indoor farm that has automation, high security and various levels of humidity control in buildings within a building.<\/p><p>Three to six million dollars \u2013 and higher \u2013 should be not only budgeted for, but also funded. Get the funding by knowing how to make the offer to the investor on what it costs to get in, and what their upside potential is.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ae05f05 elementor-widget elementor-widget-heading\" data-id=\"ae05f05\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Using Pro Forma Cash Flows to Value Companies Has Its Limitations<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f887a4 elementor-widget elementor-widget-text-editor\" data-id=\"1f887a4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Of course \u2013 Be honest \u2013 these are just pro forma cash flows.\u00a0 They are estimates \u2013 but with them we can honestly explain to an investor \u2013 an accredited investor at that \u2013 that the financing available to fund your build will still require a substantial downpayment.\u00a0 So you will have to raise a couple million dollars to get some leverage to cover the rest.\u00a0<\/p><p>\u00a0If you want help ballparking your figures and how to help raise funds for your cannabis business. Like this video and head over to cannabis-industry-lawyer.com with your questions.<\/p><p>Now that you know how to value your company post license, and sell percentages to your wealthy team members accordingly \u2013 next we will discuss your organizational structure when we cover \u2013 operating agreements. Especially when dealing with social equity.\u00a0<\/p><p>Thomas Howard has been in business for years and can help yours navigate towards more profitable waters.<\/p><p style=\"text-align: center;\">Our cannabis business attorneys are also business owners.\u00a0 We can help you structure your business or help protect it from overly burdensome regulations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-7711dd5a elementor-hidden-mobile\" data-id=\"7711dd5a\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7a856ca5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7a856ca5\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-520be197\" data-id=\"520be197\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-48a5355f elementor-widget elementor-widget-shortcode\" data-id=\"48a5355f\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><div class=\"typeform-widget\" data-url=\"https:\/\/form.typeform.com\/to\/yYdgiw3K?typeform-medium=embed-snippet\" style=\"width: 100%; height: 500px;\"><\/div> <script> (function() { var qs,js,q,s,d=document, gi=d.getElementById, ce=d.createElement, gt=d.getElementsByTagName, id=\"typef_orm\", b=\"https:\/\/embed.typeform.com\/\"; if(!gi.call(d,id)) { js=ce.call(d,\"script\"); js.id=id; js.src=b+\"embed.js\"; q=gt.call(d,\"script\")[0]; q.parentNode.insertBefore(js,q) } })() <\/script><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Welcome to our comprehensive guide to what you will need to do a\u00a0private placement offering of an equity interest in your cannabis company\u00a0\u2013 we hope you find this informative. Feel free to contact us with your questions about raising money for your cannabis company. Get Started on Your Cannabis Business Next Steps Here. 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