Needham Bank has closed a cannabis business loan to Glorious Cannabis Company. Though headquartered in Rochester Hills, Michigan, Glorious Cannabis has recently joined the Massachusetts cannabis market to manufacture their specialty products. Glorious Cannabis will use the financing to complete the construction of their cannabis establishment in Uxbridge, Massachusetts.
"With this business loan, Needham Bank is helping Glorious Cannabis Company expand their brand into the Massachusetts market," stated Michelle Haughton, VP structured finance. "It's been a pleasure working with Sam Lteif, CEO and David Prill, CFO to provide the financing, and I look forward to seeing Glorious thrive here."
Glorious Cannabis Company's establishment will include a cultivation facility and a processing facility. The 30,000-square-foot cultivation facility includes 12,000-square-feet of canopy and the 9,000-square-foot processing facility will be for product manufacturing of their award-winning infused pre-rolls, cartridges, rosin and edibles.
"Working with Michelle and the Needham Bank team has been seamless and our growth wouldn't be possible without their help," stated Sam Lteif, CEO of Glorious. "Massachusetts is an exciting, up-and-coming market, and we can't wait to bring Michigan's best to a new state."
Haughton was hired at Needham Bank to assist with the growth of the commercial & industrial structured finance segment. This includes handling cannabis-related business loans greater than $10 million in commitment size and advising borrowers on financing and cash management services. She has over 20 years of commercial lending experience, and most recently, was VP, relationship manager at Eastern Bank, where she developed lending relationships with creditworthy commercial clients and prospects.
Through the new specialized banking division, Needham Bank offers full-service banking for cannabis businesses, including loans, deposit accounts and cash management services. Needham Bank is the only bank in Massachusetts to receive formal approval from the Federal Reserve Board to provide banking services to marijuana-related businesses.
Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels
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