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.”
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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.