First Commercial Bank Lending Deal of its Kind For a U.S. Cannabis Company OAKLAND, Calif., March 23, 2021 /PRNewswire/ – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, announced it has entered into a loan financing arrangement with a commercial federally regulated bank (the “Bank“), in the amount of US$12 million (the “Loan“) pursuant to a senior secured revolving credit facility (the “Credit Facility“) due March 2024.
Harborside expects to use the majority of the Loan proceeds to support the purchase of the Company’s 47-acre production campus later this year, which includes 200,000 sq. ft. of licensed cultivation space, including 155,000 sq. ft. of flower canopy space and 45,000 sq. ft. of nursery space in Salinas, California.
“To the best of our knowledge, Harborside is the first cannabis business in the United States to secure a commercial loan of this kind with a traditional lender.”
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