Cannabis Lending in 2026: Deal Structures, Collateralization & Data-Driven Underwriting

Tuesday, March 31st 1 PM EST | 75 Minutes

The U.S. cannabis industry continues to face a significant capital gap, with billions in upcoming maturities and sustained demand for growth financing. For banks and credit unions, this presents a meaningful opportunity, but cannabis lending requires a different lens than traditional commercial credit.

In this in-depth session, Green Check will break down real-world examples of small, medium, and large cannabis lending deals, explore how institutions are structuring loans to both plant-touching and non-plant-touching businesses, and discuss what makes underwriting in this sector unique. We will also examine collateralization strategies, participation lending, and how data can be leveraged throughout underwriting and ongoing monitoring.

This session is designed to move beyond theory and provide practical insights institutions can apply immediately.

Topics Covered:

The Cannabis Lending Landscape

  • Capital demand and upcoming refinancing pressures
  • Why banks and credit unions are entering (or expanding within) cannabis lending

What Makes Cannabis Lending Unique

  • Cash intensity and transparency considerations
  • Collateralization in cannabis lending
  • State-by-state regulatory fragmentation
  • License value and transferability risk
  • Compliance monitoring obligations

Real-World Deal Examples: Small, Medium & Large Transactions

  • Small business operating line of credit
  • Mid-sized cultivation or manufacturing facility term loan
  • Large multi-state operator refinancing
  • Lessons learned from executed transactions

Lending to Plant-Touching vs. Non-Plant-Touching Businesses

  • Ancillary lending opportunities (e.g., landlords, vendors, service providers)
  • Risk weighting and underwriting distinctions

Leveraging Data in Underwriting & Ongoing Monitoring

  • Transaction data and revenue validation
  • License verification and operational tracking
  • Ongoing risk monitoring best practices
  • Data-driven covenant tracking

Key Takeaways:

  • Clear understanding of how cannabis lending differs from traditional commercial lending
  • Practical examples of deal structures 
  • Framework for collateralizing loans 
  • Insight into how data strengthens underwriting and ongoing monitoring
  • Strategies to responsibly expand lending programs to cannabis-related businesses

Who Should Attend:

  • Chief Lending Officers
  • Chief Credit Officers
  • CEOs & Presidents
  • CFOs
  • Credit Analysts
  • Compliance & Risk Officers
  • Board Members
  • Commercial Lending Teams
  • Business Development Officers
MEET OUR

Presenters

Stacy Litke

VP, Banking Programs, Green Check

Stacy Litke is VP of Banking Programs at Green Check Verified with decades of experience in the financial services industry.  Time spent in retail, lending, operations, and technology — and from the seats of a community banker, fintech executive, and consultant — has provided Stacy with a comprehensive view of the industry.  Prior to joining Green Check, Stacy was SVP of Operations for a Massachusetts-based, $900 million institution.  Today, she uses her collective experience to help financial institutions with compliant cannabis banking programs.

Brendan Fay

Chief Investment Officer, Coda Capital

Mr. Fay is a skilled investment manager with over 20 years of experience raising and deploying capital in niche alternative investments. Prior to joining Coda Capital, Mr. Fay was a Senior Vice President at nationally recognized student housing investor Campus Apartments, where he successfully managed their $2bn student housing portfolio.  Mr. Fay was the Head of Special Situations for Doral Bank where he restructured and sold a $1bn portfolio of non-performing loans secured by commercial real estate in Puerto Rico.  Mr. Fay started his career in the investment banking program at Bank of America where he completed their intensive credit analyst program.