SHF, LLC d/b/a/ Safe Harbor Financialone of the cannabis industry’s leading financial services providers, closeded $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 Loan Program, which was created to provide loans to cannabis operators in states where cannabis is legal. Solar Cannabis’ loan is Safe Harbor’s first loan outside of its home state of Colorado. Terms of the loan were not disclosed.
Edward DowCEO of Solar Cannabis, said, “Receiving this loan from Safe Harbor gives us the resources we need to continue to grow our business in Massachusetts. It was a pleasure to work with Paul and Sundie, experienced cannabis executives who fully understand the need for competitive pricing and flexible structuring for cannabis operators.”
Safe Harbor was created to fill an unmet need – compliant banking and financial services for the growing US 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. NLITa special purpose acquisition company.