Pelorus Equity Group Says It's First In Cannabis Space To Secure An Up To $20M Line Of Credit At 4.75%

Pelorus Equity Group, a company that provides real estate loans for cannabis business, said Thursdayits mortgage real estate investment trust Pelorus Fund is the first company in the cannabis sector to secure up to $20 million line of credit with a FDIC insured bank at 4.75% and no non-usage fees.

“We are very pleased to announce the closing of our new warehouse line of credit with a FDIC insured bank as it will substantially increase funding capacity for facility improvements, build outs and expansions loans in the cannabis sector,” said Dan Leimel, CEO of Pelorus Equity Group and manager of the Pelorus Fund.

“With our recent closing of $42.2M Senior Unsecured Notes with a 7% fixed coupon rate, we are now able to offer a lower cost fully stabilized lending product to borrowers looking to reduce their cost of financing. Utilizing our decades of commercial real estate experience with our track record of success in cannabis and the deep relationships we’ve formed, we have once again achieved what others have tried but failed to do in the last decade.”

To date, Pelorus has completed 58 commercial real-estate loan transactions and has deployed $225 million to cannabis businesses and real estate owners, comprising 1,850,000 sq. ft. in eight states across the U.S.

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