Marijuana sales are spreading across the nation thanks to the growing legalization of the drug. Now a new financial firm, KindBanking, wants to be the financial backbone for the hemp and cannabis industry. “Think of us as the GE Capital of this under-served, but potential multi-billion dollar industry,” said KindBanking’s founder and CEO David Dinenberg…KindBanking, which launched in April, already has nearly a dozen deals, and is talking to start-ups in the U.S. and around the world, including Amsterdam and Panama. The West Hollywood firm provides equity financing in states that allow pot, plus alternative capital like debt, convertible debt and other venture capital or angel investments. In return, KindBanking becomes a partner and owns a portion of the company. “We’re doing deals for dispensaries, growers, equipment companies, edible products makers, even a weed-based online news network” Dinenberg said. [CNBC]
They are just a weekend away from learning what exactly “systematically important” means in practical terms. Read more »
“100+ got clipped this week in the Real Estate finance group.”
We knew this was coming. Charlie Gasparino is reporting that Spencer Bachus is ready to call for a Congressional investigation into political pressure on big banks to rescue the failing lender Shorebank Corp. Read more »
Jeff Immelt you have some explaining to do! From the mailbag:
GE capital still hasn’t provided its employees with their bonus structure for 2010. GE capital employees are paid with low salaries and a performance bonus. Even when the markets crashed in 2009 bonus contracts were provided by now. Bull shit.