Helios Labs, a minority-owned craft cannabis grower in Illinois received a $1 million loan through a state program designated for social equity license holders.
The Broadview-based company was able to secure the funding after being connected with Good Tree Capital by the Illinois Department of Commerce and Economic Opportunity’s Cannabis Social Equity Loan Program.
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Good Tree Capital is a Chicago-headquartered financial institution that provides loans to cannabis companies.
“With enormous start-up costs, it is vital for all license holders to complete build-outs and begin operations as quickly as possible and move into a revenue-generating model,” Ambrose Jackson, chief executive officer for Helios Labs, said in a late Tuesday news release.
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Earlier this month, the state announced it was offering a total of $8.75 million in forgivable loans to conditionally approved social equity marijuana licensees “in order to provide immediate access to capital”
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