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

Women, minority execs show few gains in U.S. cannabis industry, according to the latest data from the MJBiz Diversity, Inclusion and Equity Report. Get your copy here.

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.

Apply to speak at MJBizCon 2023

Think you’ve got a great story, insights, or best practices to share about your cannabis business? We want to hear from you!

The MJBizCon team is now accepting speaker applications for the 2023 event in Las Vegas.

We are looking for engaging industry leaders from all sectors of the cannabis industry, whether you run a multi-state operation or a mom-and-pop business.

Apply to speak at MJBizCon today – The speaker application portal closes May 5!

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.