Harborside Signs $12M Credit Facility With Commercial Bank

By Diana Novak Jones (March 23, 2021, 9:38 PM EDT) -- California cannabis company Harborside said Tuesday that it will receive a $12 million credit facility from a commercial bank, a rare scenario for the federally illegal industry as it struggles to convince traditional lenders to come on board.

The senior secured revolving-credit facility, a type of loan, allows Harborside to borrow up to $12 million from the bank, according to the company. Harborside plans to use the money to build its planned 47-acre cultivation facility in Salinas, California, it said.

The loan is a first for this bank, which Harborside is not naming as part of the terms of the deal, according...

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