SHF, LLC d/b/a/ Safe Harbor Financial, a leading financial services provider to the cannabis industry, closed a $5 million senior secured loan to Solar Cannabis Co., an established vertically-integrated cannabis operator headquartered in Somerset, Massachusetts. Solar Cannabis will use the funds to further accelerate its growth.
This transaction marks the evolution of Safe Harbor's senior secured lending program, which was established to provide loans to cannabis operators in states in which cannabis is legal. Solar Cannabis' loan is the first extended by Safe Harbor outside of its home state of Colorado. The terms of the loan were not disclosed.
Edward Dow, CEO of Solar Cannabis, stated, "Obtaining this loan from Safe Harbor gives us the resources we need to continue expanding our business in Massachusetts. It was a pleasure working with experienced cannabis executives Paul and Sundie who understand thoroughly the need for competitive rates and flexible structuring for cannabis operators."
Safe Harbor was formed to provide an unmet need – compliant banking and financial services to the rapidly expanding U.S. cannabis industry. Over the past seven years, the company has processed more than $12 billion in transactions, including approximately $3.6 billion in 2021.
In February 2022, Safe Harbor announced the signing of a business combination agreement with Northern Lights Acquisition Corp. (NASDAQ:NLIT), a special purpose acquisition corporation.
Photo by Mackenzie Marco on Unsplash
