March 23 2021,


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California dispensary Harborside secured a $12M revolving credit facility with an unnamed federally-regulated bank. It's apparently the first loan of its kind to a plant-touching business. 
San Francisco Business Times

  • “This deal is the culmination of months of effort and reflects the close working relationship and trust that we developed with our bank,” Harborside CFO Tom DiGiovanni said. He called the loan "transformational" for the company.
  • The story says the loan is secured "by substantially all of the company's assets."

Separately, lawyers for the two men on trial for tricking banks into processing credit card payments for delivery app Eaze said banks including Citigroup and Bank of America were happy to look the other way. (Eaze has not been charged and has said it cooperated with authorities. Citigroup and Bank of America declined to comment to Bloomberg.)


For the first time in a generation, Chicago is at the center of a high-growth industry. Crain's Chicago Business explains how the Windy City became "the Silicon Valley of Pot:"

"In the six years since Illinois issued its first licenses to grow and sell marijuana for medical use, GTI, Cresco, Verano and privately held PharmaCann have emerged as industry giants, winning or acquiring licenses across the country as legalization took off. Fueled in part by the launch of recreational marijuana sales in Illinois last year, the Chicago-based companies have seen their fortunes soar. GTI's revenue rose 151 percent last year, and its stock has increased 650 percent in the past 12 months."

But the competition from other cities is getting steeper...

Read the whole thing.

IN THE NEWS — 3/24/21
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