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Fluresh Cannabis’ Bank Loan: Moving Into the Mainstream

Blog Post

The announcement by Fluresh, a vertically integrated Michigan based cannabis business, of the closing of loans from a federally insured commercial bank totaling almost $50 million represents an important landmark for both Fluresh and the cannabis industry writ large. For Fluresh, perhaps as important as the bottom-line benefits of lower cost financing, the fact that its operations and financials passed muster with a substantial commercial bank can be regarded as an important rite of passage. For the industry, it reflects its inexorable movement out of the shadows and into the mainstream. This substantiates the view that, whether or not any of pending the federal legislation is enacted, bank lending to the cannabis industry will continue to accelerate. 

While a number of mega banks are stubborn holdouts, and whether or not there is a formal change in bank law or regulation, this transaction is further evidence supporting the belief that more and larger banks are entering and will continue to enter the market. Each one that does both paves the way for and draws others in. 

Of equal, or perhaps greater significance to the industry than the direct impact on increased access and cheaper money on the operating results, are the intangible, “out of the shadows” implications of these trends in the ongoing process of propelling it “into the mainstream,” the potential significance of which likely extends far beyond banking.

For more information, please contact Stephen Lenn at salenn@bmdllc.com or 602.796.9647.


The Shadows Are on the Run: Global Icon Aon Adds Its Heft and Stature to the Legitimization of the Cannabis Industry

Aon, a global firm with 50,000 employees across 120 countries, has made a strategic move into the U.S. cannabis industry, joining a growing list of institutional players such as First Citizens Bank. This entry aligns with the efforts of the Institutional Cannabis Lending Community (ICLC), which has been driving deal flow and fostering best practices among financial institutions since its founding less than 18 months ago. Aon will co-host an exclusive event for the ICLC at the Benzinga Capital Conference in Chicago, where it will unveil a custom product suite designed for cannabis businesses and tap into the collective expertise of the ICLC's nearly 30 Participants, which include banks, lenders, and compliance experts.

Tips for Creditors Who Are Owed Money from Someone Who Has Filed for Bankruptcy

You have received a notice in the mail stating that a business or person who owes you money has filed for bankruptcy. Now what do you do? It is important to act quickly to determine your rights in the bankruptcy process and to protect them. You should review the particulars of the debt owed to you with your attorney, as well as the debtor’s bankruptcy filings. Here are some of the preliminary issues to consider in order to protect your rights as a creditor.

Get to Know BMD: Michael Sneeringer

In this installment of our "Get to Know BMD" series, Cleveland Member Michael Sneeringer shares his journey into law, driven by influential mentors and an interest in estate planning. Discover his passion for client interactions, his surprising domestic skills, and his dedication to attending his daughter's volleyball games.

BMD Vice President Amanda Waesch Shares the Secrets to Her Success

BMD Vice President and Healthcare Law Member, Amanda Waesch, recently shared the secrets to her success on the Driving Change Podcast. From managing a high-powered career to balancing family life and mentoring the next generation of lawyers, Amanda’s insights are a must-hear. Watch the full interview here!

You Know ADR, But What About EDR?

BMD Member Bob Hager and Partner Jessica Hew have co-authored an article in the Cleveland Metropolitan Bar Journal, focusing on the strategic selection and implementation of dispute resolution methods. The article covers mediation and arbitration, offering insights into their application and effectiveness. It provides valuable tips for lawyers on how to choose the best method for resolving disputes and highlights the importance of creative approaches to serve clients effectively.