Safe Harbor makes first cannabis loan beyond Colorado’s borders

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.


Marijuana industry finance company Safe Harbor Financial is lending beyond its home state of Colorado, handing a $5 million loan to Massachusetts-based Solar Cannabis.

Solar will use the senior secured loan to “continue expanding our business in Massachusetts,” CEO Edward Dow said in a news release issued Tuesday.

Safe Harbor did not disclose the terms of the loan but said it was the first issued by the company in a state other than Colorado.

“We are excited to provide this extension of credit to Solar Cannabis,” said Paul Penney, Safe Harbor’s chief investment officer, in a statement.

“We believe, based on our due diligence process, the company has opportunities for continued growth.”

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!

Safe Harbor has an agreement to combine with and be taken public by special purpose acquisition company Northern Lights Acquisition, although that deal has not yet closed.

The company said it has almost 600 financial-services clients across 20 states.