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