Pennsylvania’s Standard Farms, a subsidiary of Arizona-based cannabis multistate operator Tilt Holdings, secured a $10.5 million loan.
The loan will fund Standard Farms’ plans to build and run medical marijuana dispensaries in Pennsylvania, according to a news release.
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An unidentified “experienced retailer and operator” issued the secured promissory note, the release noted.
Standard Farms can borrow up to $10.5 million to build and operate up to three medical marijuana dispensaries.
The promissory note matures on Dec. 31, 2027, and the loan carries a 20% interest rate.
The interest increases to:
30% once Standard has opened its first dispensary and completed a sale. 40% six months after the first location opens.
No payments will be due before the maturity date, but
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