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.

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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.