Banks won’t finance pot shop properties
DENVER — Banks holding commercial loans on properties that lease to Colorado marijuana businesses say they don’t plan to refinance those loans when they come due.
That’s according to The Denver Post, which says the banks’ position is based on the fact that marijuana is illegal under federal law. Their stance has left some property owners looking for financing.
Bankers note that property used as collateral for these loans are theoretically subject to federal drug-seizure laws. That makes these loans a risk.