A key Minnesota governmental agency has not approved more than $20 million in loans to marijuana company Hwy35.
The $22 million in loans to Missouri-based Hwy35 were approved Oct. 17 by the state’s Department of Iron Range Resources & Rehabilitation (IRRR).
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Hwy35 will use the funding to transform a Grand Rapids wood plant into a cannabis cultivation and extraction facility, according to the three agencies planning to lend the money.
“The IRRR Board vote is an early step in the financing process – so far, no loan has been issued,” a spokesperson for the Department of Employment & Economic Development (DEED) said in a statement to MinnPost, a Minneapolis-based online news outlet.
“Any release of money will not happen until the borrower gets a cannabis license from the state.
“As with many projects on the Iron Range, IRRR asks DEED to consider buying participations in
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