This New Funding Platform Wants To Help Cannabis Companies Promote Themselves

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Financing and advertising have often been tricky arenas for cannabis companies to navigate in states that have legalized marijuana.

Unlike well-known brands such as Nike Inc. NKE or Anheuser Busch InBev’s BUD Budweiser, there have been limitations on reaching customers through traditional advertising mediums such as magazines or television because the U.S. government considers marijuana a Schedule 1 drug. 

Because of that status, funding that’s available to most mainstream businesses is largely unavailable to cannabis businesses. Cannabis businesses also have difficulty reaching their intended audience because of the restrictions most states place on advertising the products. 

But California-based digital marketing platform MediaJel has reportedly developed solutions to both problems. The company recently launched MediaJel Capital to provide cannabis funding via flexible financing options that enable them to invest in digital marketing and advertising solutions designed to help them build brand awareness, acquire new customers and expand their businesses.

The funding can be used to accelerate a marijuana businesses’ digital marketing, invest in effective advertising, and cultivate a loyal buying audience.

The process is simple. Cannabis companies fill out an application and discuss their options with a dedicated funding adviser. The funding agreement is executed via an online checkout process, and the company has access to its funds in as little as 24 hours. 

Weighing The Options

Funding options include: 

• Term loans: up to $10 million for between six and 36 months
• Receivables advances: up to $750,000 for three to 12 months
• Lines of credit: up to $10 million with revolving terms
• Other financing options: varying amounts for three to 36 months

To qualify for funding through MediaJel Capital, cannabis companies must have been in business for at least six months, and have at least $10,000 in monthly revenue with a credit score of 550 or higher.

After a cannabis business receives the funds, it will be contacted by a member of MediaJel’s customer success team to learn more about the company, its growth goals, and current and past digital marketing and advertising initiatives.

“As our clients grow and consumer awareness increases, one critical and unresolved challenge continues to impede the industry’s potential — the lack of equitable access to financing,” said Jake Litke, CEO of MediaJel. “Governmental regulations and banking laws have blockaded traditional financing routes from cannabis marketers. MediaJel Capital is the next step in democratizing the U.S. cannabis industry, and we are excited to bring this transformational opportunity to market.”

This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.