PROVIDENCE – A Massachusetts-based marijuana retailer with plans to open a dispensary in Rhode Island recently secured a $5 million loan to support its expansion, according to a news release.
The senior secured loan from Colorado-based financial services provider Safe Harbor Financial will help Solar Cannabis Co. “accelerate its growth,” the release stated, although exactly what projects or growth that entails was not detailed.
The Somerset-based cannabis operator was one of five companies chosen through a lottery system to open a medical marijuana dispensary in Rhode Island. The company already has a 70,000-square foot cultivation center in Somerset, as well as dispensaries in Seekonk and Dartmouth, Mass. Its Rhode Island license, for the area known as “Zone 4,” will allow it to move ahead with opening a medical marijuana dispensary in Cranston.
Under the state’s 2022 law legalizing recreational marijuana, Solar Cannabis will also be able to seek state approval to sell recreational cannabis under a “hybrid” model.
The loan from Safe Harbor Financial was the first made to an out-of-state borrower, according to the release. Terms of the loan were not disclosed.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
