AACE INTERVIEW: Andrew Allado
Asian Americans for Cannabis Education welcomes a young entrepreneur Andrew Allado, we love his energy and his passion for the cannabis industry and his push for the small business owners entering our community. Andrew created Cannabis Credit Line with his partner Heather Siegel to offer credit lines for small cannabis business owners. Updated: Andrew now has created LightningCannabisLoans to help those in the industry get financing.
With Cannabis Credit Lines being an ancillary business in cannabis, have you found people reacting to you in a way that you have to explain the industry?
Most of the people who I engage in a conversation with about cannabis are open to the possibility of cannabis having a positive effect on our economy. Of course there is a portion of the population that doesn’t yet (or may never) understand cannabis but with so many appreciating it’s benefits, it’s definitely an unstoppable industry.
Entrepreneurs in the cannabis industry have made work arounds for banking since cannabis is a Schedule 1 drug and not legally able to bank. What was the epiphany you had to start a credit line (instead FINANCING BUSINESSES) for cannabis businesses?
What hurdles did you have to overcome?
My business partner and longtime friend Heather and I were already assisting start ups obtain funding. It just so happened that a good friend of ours approached us and asked for help with growing his cannabis business. We looked at his challenge as an opportunity, and envisioned a plan to create the funds to empower and scale his already profitable business into a much larger one. We basically saw a need for start up funding in a rapidly growing industry and Cannabis Credit Lines was born.
Do you see cannabis coming off Schedule 1 before the next presidential election?
Yes I do see that as a possibility considering how Trump has expressed his favor to support states' laws on cannabis in recent months as well as during his campaign. Cannabis has been around for thousands of years and we are at the forefront of our nation accepting cannabis into our society. So I think if not before the next presidential election, then definitely soon.
With Cannabis Credit Lines building a footprint in our industry and creating a network, do you see your company being acquired in the event of de-scheduling?
No, because our intention is to always maintain and be an independent enterprise. We pride ourselves on obtaining funding for our clients based on what will benefit them best.
Tell us about how your business works?
We consult and obtain funding for our businesses through our network of lenders and investors. Our star product is solely based off of ones good personal credit profile. 700+ FICO is usually enough to qualify them for an unsecured line of credit that they can actually use for whatever they wish. Since we market our Cannabis Credit Lines business to the cannabis community, obviously those borrowers are using the funds for the industry. Anyone wishing to apply can visit our website, www.cannabiscreditlines.com and we can usually get them preapproved within a day or two.
So when you told your family that you were opening up a credit fund for start-ups and then added, “it’s for cannabis”, how did they react?
I come from a somewhat religious family but surprisingly they understood this endeavor of mine. My parents realize the importance of cannabis and how it is medically beneficial. My dad told me that my great grandfather used to grow cannabis plants on our farm in the Philippines and that whenever my family would have a stomach ache, he and my great grandmother would steep the leaves in hot water and serve tea as a remedy. I see their side and as a lover of recreational use, I also see another, haha.
Have you always been interested in cannabis by way of being a recreational user? Or is this an industry you feel that you can help by your assistance and knowledge?
I have always been interested in learning the benefits of cannabis, and yes been a recreational user. I definitely think that I can help people by sharing my knowledge and assist them in achieving their business related goals within the industry.
What name do you wish you had come up first for a strain? I’ve come across names such as “God’s Vagina” to “Russian Assassin”
Being a huge Star Wars fan, I have to say Skywalker, haha.