Pelorus Equity Group Closes First Tranche of US$77.3M Debt Financing with Harborside | Your money

NEWPORT BEACH, Calif., Feb. 11, 2022 (GLOBE NEWSWIRE) — Pelorus Equity Group (“Pelorus” or “the Company”), the leading provider of value-added bridge commercial real estate loans to cannabis businesses and cannabis-related real estate owners, is pleased to announce the first closing of its previously announced US$77.3 million non-dilutive mortgage financing (“Cumulative Funding”) with Harborside Inc. (“Harborside”) (CSE: HBOR) (OTCQX: HBORF). The initial financing of US$45.35 million, the first of two planned tranches, includes three individual loans to Harborside, Urbn Leaf Holdings Inc. (“Urbn Leaf”) and Loudpack JV Corporation (“Loudpack”). The proceeds will primarily be used to repay certain existing loans and provide additional working capital.

Harborside previously announced that it has entered into a definitive agreement to acquire Urbn Leaf and Loudpack (the “StateHouse Holdings Transaction”), and upon completion of this transaction, Harborside is expected to be renamed StateHouse Holdings, subject to the approval of shareholders and regulatory authorities.

“We are extremely proud to be an important partner in this transformational event in the California market,” said Dan Leimel, CEO of Pelorus Equity Group and manager of the Pelorus Fund. “The impact of the StateHouse Holdings transaction will be extremely beneficial to the overall development of the legal cannabis space in the State of California. By partnering with industry-leading companies, we’ve expanded the lending options available to cannabis operators and become the preferred partner of some of the biggest players in the industry with our flexible capital and solutions for complex transactions. .

“The growth that Pelorus has experienced over the past two years has been incredible, and to see this loan, the first of our new lower cost stabilized loan program, come to fruition is a great day for us,” said Travis Goad, managing partner of Pelorus Equity Group. “We expect this new program to be a premier option for operators and we look forward to driving market advancement by working with companies to develop cost-effective and cost-sensitive solutions.”

“We are thrilled to welcome Pelorus as a financial partner as we combine our businesses with Loudpack and Urbn Leaf to create StateHouse Holdings, a new market leader in California,” said Matt Hawkins, interim president and CEO of Harborside. Inc. “Pelorus’ willingness and ability to work with us to customize financing was key to allowing us to ideally structure our transactions, illustrating why they are the go-to player in cannabis financing.

The second tranche of the cumulative financing will be funded upon completion of the StateHouse Holdings transaction and at a time determined by StateHouse Holdings. The cumulative financing contains a nominal interest rate of 10.25%, as well as origination, closing and other specified transaction costs, and will be secured by certain real estate assets and cannabis licenses of Harborside, Urbn Leaf and Loudpack . Cumulative financing is subject to debt service ratio requirements, interest reserves, certain intercompany guarantees and defaults, subordination agreements and intercreditor agreements, and a general corporate guarantee of Harbourside. For more information, visit

About Pelorus Equity Group Pelorus Equity Group is the leading provider of value-added bridge commercial real estate loans to the multi-billion dollar cannabis industry. Of the society Pelorus Fund, a private mortgage real estate investment trust (“mREIT”), offers a range of innovative transactional solutions to meet the diverse needs of real estate investors and portfolio managers, and its flexible acquisition and bridge loan programs are the direct result of our involvement in more than 5,000 transactions of varying size and complexity. Since 1991, our principals have participated in over $1 billion in real estate investment transactions using both debt and equity solutions. We draw on our extensive experience to quickly understand an opportunity, structure a logical solution, and execute a timely close. For more information, visit

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Carol M. Barragan