One of Colorado’s biggest cannabis retail chains wants to get even larger: The Green Solution, which has 13 locations across the state, revealed Tuesday it has secured a $7.5 million loan from iAnthus Capital Holdings, a cannabis investment and operations company.
The loan “will allow us to add multiple licenses and stores for the Colorado market in 2017,” The Green Solution’s co-CEO, Kyle Speidell, said in a news release. The company plans to open at least five more retail locations this year in Colorado, according to the release.
The Green Solution already has cannabis business interests in Florida, Illinois and Maryland, the company’s other co-CEO, Eric Speidell, said in an interview. The firm is also looking closely at expanding into Nevada, Oregon, Washington and, perhaps, California.
The two companies also have solidified a “strategic partnership,” under which iAnthus will help fund The Green Solution’s nationwide expansion and its business interests in Canada, the release stated.
Moreover, The Green Solution will advise iAnthus on marijuana industry investments it has made in several other U.S. states, including Massachusetts, New Mexico and Vermont.
Through the partnership, The Green Solution will have the opportunity to franchise its brand and product lines to other iAnthus partners.