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

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.

Get the MJBizDaily Extraction Buyers Guide, now available.

This free resource offers practical business tips and valuable insights from cannabis extraction professionals to help plan or scale your extraction or processing operation with confidence.

Inside the MJBizDaily Extraction Buyers Guide:
  • In-depth guidance for planning a CBD extraction business
  • Best practices in sourcing solvents + solventless materials
  • Lessons in shopping for extraction/processing equipment
  • Tips for outfitting a facility for psilocybin mushroom extraction
  • And more!

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.