Cannabis lender Pelorus closes second tranche of $77.3M Harborside financing

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

Cannabis industry real estate lender Pelorus Equity Group closed the second tranche of its $77.3 million loan to California marijuana company Harborside.

The first tranche of the loan closed in February, in connection with Harborside’s deal to acquire California retailer Urbn Leaf and Los Angeles-based cultivator, processor and distributor Loudpack.

That acquisition closed last week, with Harborside set to change its name to StateHouse Holdings.

Proceeds from the loan’s second tranche “were used primarily to retire certain existing loans and provide additional working capital,” Pelorus said in a Monday news release.

Are you a social equity cannabis license holder or applicant?

The MJBizCon team is now accepting 2023 Social Equity Scholarship Program applications.

The mission of this program is to provide social equity cannabis license holders or applicants access to the #1 global cannabis industry conference + tradeshow in Las Vegas.

Who can apply?

  • Students currently enrolled in a cannabis-related program at an accredited university or college.
  • Cannabis executives at licensed social equity cultivation, extraction/processing, retail, manufacturing/brand businesses (or awaiting application approval).

Don’t miss out on this potentially life-changing opportunity.

Apply to attend MJBizCon today – The application period will close on July 24!

The second tranche of the loan was worth $31.9 million, Harborside said in February, and carries a nominal interest rate of 10.25%, plus fees.

The second tranche is secured against the combined company’s real estate and marijuana licenses.