Pelorus Equity Group, a company that provides real estate loans for cannabis businesses has provided $11M of non-dilutive real estate debt financing at an interest rate of 10.5%, to Inkster Pine Park, to fund working capital and support future growth.
Inkster was previously the recipient of a $9.3M construction loan at an interest rate of 15.75%, used to fund the build-out of its new state-of-the art 72,000 square foot cultivation and processing facility. Upon completion of construction, Inkster successfully completed the underwriting process to enter the stabilized lending program which provides lower cost of capital.
“It has been both exciting and rewarding to work with the Inkster team as they’ve grown to become the largest Black-owned cannabis cultivator and processor in Michigan,” Dan Leimel, CEO of Pelorus Equity Group, and manager of the Pelorus Fund told Benzinga. “Our stabilized lending program is highly selective, and Inkster is our third portfolio company to qualify and complete the process. Additionally, we see how funding shapes the cannabis industry, and we are grateful for this opportunity to work alongside the team at Inkster while maintaining the momentum that the industry has seen in moving towards a more equitable future.“
Michael Carr, managing member of Inkster Pine Park commented, “Working with the team at Pelorus has been instrumental in the development of our state-of-the-art facility. Dan and his entire team are outstanding, and their structured approach to lending solutions makes working with them incredibly advantageous to those looking to compete in the industry. We are thrilled to continue our partnership with them in the stabilized lending program for our next phase of growth. This new funding will allow us to accelerate our investments in equipment to increase our throughput and enter our next stage of growth with our retail development program.”
About Inkster Pine Park
Inkster Pine Park specializes in organically growing and processing exceptional cannabis flower and edibles for Michigan’s medical and recreational markets. Its 72,000 square foot facility has 52,000 square feet of hybrid greenhouse space and 20,000 square feet of indoor cultivation and processing space. Operating under the brand’s Canna Pure and Everpure, the company’s goal is to exceed consumer expectations on the relief and experience cannabis can provide.