With traditional lines of credit not available to cannabis businesses, entrepreneurs in the industry are forced to get creative in how they raise capital. Now, one upstart Albuquerque-based company is turning to a method frequently used by startups to get its cultivation and manufacturing operations off the ground.
Dynamic Jack is seeking to raise $200,000 through a crowdfunding campaign on Mainvest, a community-centric investment platform. Since going live earlier this month, the company has raised $74,200 through 46 individual investors, as of Aug. 15.
If Dynamic Jack reaches its goal, investors are owed 150% of what they invested by Dec. 31, 2026. Meaning a principal $500 investment is paid back, plus an additional $250.
“I’m surprised it hasn’t caught on more,” Dynamic Jack CEO Alissa Jubelirer said about crowdfunding in the cannabis industry. “I think more people need to understand this is an option now, with funding pretty much having dried up in places.”
To read the complete article, go to www.bizjournals.com