Colorado, Cannabis Industry & Getting Approved

[Blake Hrabal]

It's 2020, Colorado, a thriving legal rec marijuana state. I am the Facilities Director of an indoor & greenhouse recreational marijuana grow op. I'm W2 salary employee around $80k/yr. Been with the company for almost 3 years. FICO score is 700.

I love my job and it pays me alright for now. I'm secure; roof over our head, food on table, wife/kids enjoy minor luxuries here n there, school activies etc, and while saving 15-20% income each month. 

With that said, I'm not trying to be just comfy forever and that's why the last 6 months I've been really digging deep into learning about REI so I can make it a side hustle that one day I can maybe quit my job off eventually.

So, that was the skinny - now...I feel I'm on the right track for saving for a downpayment n closing costs...I have been doing my research as to which strategies I wanna approach and execute on....I guess now that things seem to be going smooth and it's just a matter of time/saving til I can get my start in REI....that...

I'm worried when I actually have the money for the downpayment and I go to vet lenders, that the lenders are going to deny me due to the industry that I legally make my living in. I've heard stories in the past of other industry employees getting rejected and having to find private lenders etc, however, that was 2015-2018...and now in 2020 the industry is steamrolling forward in rapid growth, so more and more cannabis industry workers on W2 must be applying for home loans, especially out in CO.  I'm wondering if right off the bat, I should stay away from big banks like Wells Fargo (my primary bank) and not waste my time. 

I bring this to the BP RE Professionals discussion, to hear about your experiences and opinions with this directly!