Real Estate Archives - Green Market Report

StaffMay 5, 2022
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After the market closed on Wednesday, Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) announced results for the first quarter ending March 31, 2022. The cannabis REIT delivered total revenues of approximately $64.5 million in the quarter, representing a 50% increase from the prior year’s quarter. However, it missed the Yahoo Finance Average analyst estimate for revenues of $67 million.

IIP said that the increase was driven primarily by the acquisition and leasing of new properties, additional improvement allowances, and construction funding at existing properties resulting in adjustments to base rent, and contractual rental escalations at certain properties.

IIP recorded net income attributable to common stockholders and net income attributable to common stockholders per diluted share of approximately $34.7 million and $1.32, respectively. This also missed the average analyst estimate for earnings of $1.41.

The funds from operations (FFO) (diluted) and FFO per diluted share of approximately $48.9 million and $1.86, respectively; normalized FFO, which adds back to FFO acquisition-related expense and the loss on exchange of a portion of the Exchangeable Senior Notes during the three months ended March 31, 2022 (Normalized FFO).

Plus a Normalized FFO per diluted share of approximately $49.1 million and $1.87, respectively; and AFFO and AFFO per diluted share of approximately $53.8 million and $2.04, respectively. For the three months ended March 31, 2022, FFO (diluted), Normalized FFO, AFFO and FFO, Normalized FFO and AFFO per diluted share include the dilutive impact of the assumed full exchange of the Exchangeable Senior Notes for shares of common stock.

 


Debra BorchardtMarch 4, 2022
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This story was republished from Crain Chicago.

Overcoming a legal hurdle facing most landlords, Verano Holdings is poised to become the first major cannabis company to rent office space in a top-tier building in Chicago.

DANNY ECKER 

One of Chicago’s publicly traded marijuana companies is close to leasing space for a new headquarters in River North, a potential breakthrough for cannabis firms that have struggled to find landlords willing or able to sign them to office deals.

Verano Holdings (OTC: VRNOF) is in advanced talks to sublease roughly 24,000 square feet at 515 N. State St., according to multiple people familiar with the negotiations. The deal would mark an expansion and relocation from its current headquarters in the vintage loft office building at 415 N. Dearborn St.

Sources familiar with the company’s search said Verano is considering two different sublease offerings in the building: One in the lower portion of the property leased to restaurant software company Toast and another higher in the building leased to marketing communications firm Dentsu Aegis Network. Both spaces have been listed as available for sublease throughout much of the COVID-19 pandemic.

If Verano completes a deal with either, it would become the first major cannabis company to lease office space in a top-tier building in Chicago. Such deals have been difficult to consummate because marijuana remains illegal at the federal level, even though it is now legal under Illinois law. That has prevented many building owners from getting approval for cannabis company leases from their lenders, particularly large, institutional banks wary of running afoul of federal rules.

But Verano is spotlighting a solution through the sublease market, since its agreement would be exclusively with another tenant in the building and not the building owner itself. Landlords typically must consent to sublease agreements in their buildings, and sources familiar with the negotiations said 515 N. State owner Beacon Capital Partners would not block a Verano sublease agreement.

A spokeswoman for Beacon declined to comment, and spokesmen for Verano, Dentsu and Toast did not provide comments.

The sublease could open the door for other cannabis companies in a market that is home to the emerging titans of the weed industry. Verano, Green Thumb Industries, and Cresco Labs are three of the five biggest public companies in the United States that grow and sell marijuana. One of the largest privately held players in the space, PharmaCann, is also based here.

Verano has roughly tripled headcount at its main office to about 120 since it went public a year ago, according to a company source, prompting the need for more office space. The State Street office would be more than double the size of the company’s current spot on Dearborn.

Downtown office landlords would love to see more companies from the expanding cannabis sector lease up available office space, even if it’s on the sublease market. Office vacancy in the central business district hit an all-time high last year, partly driven by a flurry of sublease listings from companies trying to shrink their footprint after adapting to the rise of remote work during the public health crisis. There was 83% more downtown office space available for sublease last month than there was when the pandemic began, according to data from brokerage CBRE.

Cannabis companies could help occupy some of that, taking out some formidable competition landlords are grappling with today. In the meantime, building owners are closely watching the federal SAFE Banking Act, a bill that would carve out the ability for banks to do business with cannabis companies. That measure was originally proposed in 2017 and has won approval from the House of Representatives as recently as last month, but it has not been able to move out of the Senate.

Boston-based Toast listed half of its State Street office for sublease in July 2020, just six months after it leased nearly 50,000 square feet in the building following its acquisition of another Chicago-based restaurant software company, StratEx. Publicly traded Toast disclosed early in the pandemic that it would cut 50% of its staff through layoffs and furloughs, freeze hiring and pull back job offers due to fallout from the pandemic.

Dentsu became the largest tenant in the 29-story building in 2019 when it more than doubled its footprint to 126,000 square feet, a move that consolidated multiple offices in Chicago under the umbrella of London-based Dentsu. The company subsequently listed more than 40,000 square feet on the sublease market during the pandemic, though it’s unclear what prompted the offering.

The Dentsu and Toast deals were part of a crucial leasing bounce-back at the State Street building for Beacon and co-owner Ivanhoe Cambridge. Their venture saw a nearly 400,000-square-foot anchor tenant deal with embattled tech company Outcome Health crater after Outcome’s investors sued the company, alleging its leadership inflated results. But new deals inked with Dentsu, Toast and co-working provider WeWork helped shore up the building’s rent roll before the pandemic put a clamp on office demand.

The building today is 71% leased, according to real estate information company CoStar Group. That’s below the 80% average for downtown office buildings at the end of 2021, CBRE data shows.

Crain’s reporter John Pletz contributed.


Debra BorchardtFebruary 23, 2022
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Innovative Industrial Properties, Inc.  (NYSE: IIPR) announced results for the fourth quarter and year ended December 31, 2021. IIP generated total revenues of approximately $58.9 million for the three months ended December 31, 2021, versus approximately $37.1 million for the same period in 2020, an increase of 59%. This beat the Yahoo Finance average analyst estimate of $57 million. Recorded net income attributable to common stockholders of approximately $28.3 million for the quarter, or $1.14 per diluted share, and AFFO of approximately $48.6 million, or $1.85 per diluted share (including the dilutive impact of the assumed full exchange of the Exchangeable Senior Notes). The earnings estimate was for $1.24.

IIP generated total revenues of approximately $204.6 million for the year ended December 31, 2021, compared to approximately $116.9 million for 2020, an increase of 75%. The increase in both periods was driven primarily by the acquisition and leasing of new properties, additional improvement allowances and construction funding at existing properties resulting in adjustments to base rent, and contractual rental escalations at certain properties.  The company recorded $4.55 of net income attributable to common stockholders per diluted share and $6.66 of AFFO per diluted share (Note: AFFO per diluted share for 2021 includes the dilutive impact of the assumed full exchange of IIP’s exchangeable senior notes (the Exchangeable Senior Notes) for shares of common stock).

IIP said it had approximately $406.0 million in cash and cash equivalents and short-term investments. The company also has 15% debt to total gross assets, with approximately $2.2 billion in total gross assets, representing a total annual fixed cash interest obligation of approximately $17.8 million, with no debt maturing in 2022 or 2023.

The company said in a statement that as of February 23, 2022, it owned 105 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington, representing a total of approximately 7.9 million rentable square feet (including approximately 2.4 million rentable square feet under development/redevelopment), with a weighted-average remaining lease term of approximately 16.6 years.

As of February 23, 2022, IIP had invested approximately $1.8 billion across its portfolio (consisting of the purchase price and construction funding and improvements reimbursed to tenants, but excluding transaction costs) and had committed an additional approximately $268.6 million to reimburse certain tenants and sellers for completion of construction and improvements at IIP’s properties. These statistics do not include an $18.5 million loan from IIP to a developer for construction of a regulated cannabis cultivation and processing facility in California and up to $55.0 million that may be funded between June 15, 2022, and July 31, 2022, pursuant to IIP’s lease with a tenant at one of IIP’s Pennsylvania properties, as the tenant at that property may not elect to have IIP disburse those funds and pay IIP the corresponding base rent on those funds.


Debra BorchardtFebruary 7, 2022
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Last week Innovative Industrial Properties, Inc.  (NYSE: IIPR) announced that its operating partnership, IIP Operating Partnership, LP had launched a $300 million offering, but on Friday after the market closed, the company quietly pulled it. The company’s filing stated that it “determined not to proceed with its proposed public offering of $300 million of senior notes due 2027 previously announced on February 1, 2022, due to market conditions.” IIP stock has tumbled from approximately $286 in November 2021 to lately sell at $193.

The cannabis REIT (real estate investment trust) had originally planned to use the net proceeds from the offering to invest in specialized industrial real estate assets used in the regulated cannabis industry that are consistent with its investment strategy, and for general corporate purposes. The notes were to include a 3.75% Exchangeable Senior Notes due 2024 and 5.50% Senior Notes due 2026. As of September 2021, the company had $127 million in cash and cash equivalents.

IIP Portfolio

At the beginning of January, IIP reported that it owned 103 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington, representing a total of approximately 7.7 million rentable square feet (including approximately 2.5 million rentable square feet under development / redevelopment). As of January 5, 2022, IIP had invested approximately $1.7 billion across its portfolio (consisting of purchase price and construction funding and improvements reimbursed to tenants, but excluding transaction costs) and had committed an additional approximately $316.1 million to reimburse certain tenants and sellers for completion of construction and improvements at IIP’s properties. The company said that these statistics did not include an $18.5 million loan from IIP to a developer for construction of a regulated cannabis cultivation and processing facility in California and up to $55.0 million that may be funded between June 15, 2022 and July 31, 2022 pursuant to IIP’s lease with a tenant at one of IIP’s Pennsylvania properties, as the tenant at that property may not elect to have IIP disburse those funds and pay IIP the corresponding base rent on those funds.

Ina short span of time, (from October 1, 2021 through January 5, 2022), IIP made 29 acquisitions (including 28 new properties and the acquisition of certain facilities at an existing property) for properties located in California, Colorado, Michigan, North Dakota and Pennsylvania, and executed one lease amendment to provide an additional improvement allowance at a property located in Massachusetts. In these transactions, IIP established new tenant relationships with Gold Flora, LLC, Medicine Man Technologies, Inc. (Schwazze), and Southwest Alternative Care, LLC (Kaya Cannabis), while expanding existing relationships with Columbia Care Inc., Curaleaf Holdings, Inc., LivWell Holdings, Inc. and Temescal Wellness of Massachusetts, LLC.


StaffFebruary 2, 2022
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Private company Pelorus Equity Group has updated the business world with its operational results. The company is known for providing bridge commercial real estate loans for cannabis businesses and owners with cannabis-related real estate. The company’s privately-held mortgage real estate investment trust, the Pelorus Fund, ended the year with $243 million assets under management and $193 million of equity. This amounted to a 434% growth year-over-year in 2021.

“As cannabis operators and landlords with commercial real estate continued to enter the sector,  we saw the need for funding to support build-outs, expansions and upgrades spike in 2021,” said  Dan Leimel, CEO of Pelorus Equity Group and Manager of the Pelorus Fund. “In 2022, we expect to see a sustained need for commercial real estate funding to continue. With our ability to structure asset-based lending solutions for complex transactions, we provide our clients innovative loan programs that enable them to scale their operations, and cross numerous thresholds that most thought were unattainable. In the coming year, we plan to aggressively scale our assets under management while bringing more novel deal structures and lending solutions to some of the largest and fastest-growing cannabis companies.”
Pelorus and Pelorus Fund listed the following 2021 highlights in a statement:
  • Upsized Pelorus Fund’s offering to $1B from its previous $250M offering.

  • Pelorus Fund outperformed its original 2021 growth projections of 300% by 134%.

  • Pelorus saw 434% year-over-year growth, ending the year with $243 million AUM and $193 million of equity – more equity than any other privately held or publicly traded commercial real estate lender in the cannabis space.

  • First in the cannabis industry to secure up to a $20M line of credit with an FDIC–insured bank at 4.75% and no non-usage fees.

  • First to close a bond offering of $42,250,000 aggregate principal amount of its 7% Senior Unsecured Notes in the cannabis sector.

  • Pelorus Fund, along with its Notes, became the first privately held mREIT to receive an Investment Grade BBB+ rating from the Egan-Jones Ratings Company.

  • Pelorus Fund entered into a letter of intent (“LOI”) to complete StateHouse Holdings’ real estate financing of US$77.3M of non-dilutive real estate debt financing.

  • Entered into a $19 million construction financing loan with Item 9 Labs Corp., a vertically integrated cannabis dispensary franchisor and operator that produces premium, award-winning products.

  • Since 2016, Pelorus has originated 59 commercial real estate loan transactions and deployed $244 to cannabis-use real estate owners, comprising nearly 2 million sq. ft. in eight states across the U.S.


StaffNovember 30, 2021
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Chicago Atlantic Real Estate Finance, Inc. is a newly formed commercial real estate finance company or REIT. The current portfolio is mostly first mortgage loans to state-licensed operators in the cannabis industry. The company expects the IPO to be priced between $16.00 and $18.00 per share and could raise as much as $129 million. It has applied to list the common stock on the Nasdaq Global Market under the symbol “REFI”.

The existing portfolio contains loans to companies with operations that are geographically concentrated in Arizona, Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Pennsylvania, and West Virginia. The current investment strategy includes a focus on providing loans to companies with operations in states that limit the number of cannabis license issuances in order to protect the value of the collateral, circumstances and developments related to operations in these markets that could negatively affect its business.

According to the company’s filing, as of November 22, 2021, it had originated and closed 30 loans totaling approximately $649 million to companies operating in the cannabis industry, had approximately $318.3 million of loans outstanding and were committed to funding approximately $120 million in additional loans under commitments from existing credit facilities (subject to customary closing conditions), with approximately $98 million of potential loans under executed non-binding term sheets in various stages of underwriting and loan documentation. The interest rates range from a low of 7% to 15% and all the loans have prepayment penalties.

The company said it had reviewed over 500 cannabis loan opportunities, of which 30 loans have been funded, and, as of November 22, 2021, were evaluating 45 loan opportunities representing potential total loan commitments of approximately $882.9 million. “We believe our relationship with our Manager benefits us by providing access to a robust pipeline of potentially actionable opportunities, an extensive relationship network of cannabis industry operators and other real estate loan opportunities and significant back-office personnel to assist in the origination and management of loans.”

“We expect cannabis lending will continue to be a principal investment strategy for the foreseeable future; however, we expect to also lend to or invest in companies or properties that are not related to the cannabis industry if they provide return characteristics consistent with our investment objective. We are externally managed by Chicago Atlantic REIT Manager, a subsidiary of Chicago Atlantic Group.”


StaffNovember 4, 2021
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After the market closed on Wednesday, cannabis REIT company Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) reported its third quarter earnings with total revenues growing 57% to $53.9 million over the prior year’s third quarter. This beat that average analyst estimate on Yahoo Finance for revenue of $52 million. The stock was rising by over 4% to lately sell at $271.

IIP attributed the increase to the acquisition and leasing of new properties, in addition to contractual rental escalations and amendments at certain properties to provide additional improvement allowances that resulted in adjustments to rent.

Rental revenues for the quarter ending September 30, 2021 and 2020 included approximately $1.4 million and $2.8 million, respectively, of tenant reimbursements for property insurance premiums and property taxes.

IIP reported net income attributable to common stockholders of approximately $29.8 million for the quarter, or $1.20 per diluted share, and adjusted funds from operations (AFFO) of approximately $45.0 million, or $1.71 per diluted share (Note: AFFO per diluted share for the period includes the dilutive impact of the assumed full exchange of IIP’s $143.75 million of exchangeable senior notes (the Exchangeable Senior Notes) for shares of common stock). This also beat the estimates for earnings of $1.16 per share.

The company noted that from July 1, 2021 through October, made five acquisitions (including four new properties and additional land expansion at an existing property) for properties located in California, Illinois, Maryland, Missouri and New York, and executed four lease amendments to provide additional improvement allowances at properties located in Illinois, Maryland, Massachusetts and Michigan.

The REIT paid a quarterly dividend of $1.50 per share on October 15, 2021 to common stockholders of record as of September 30, 2021, representing an approximately 28% increase over the third quarter 2020’s dividend. As previously announced, going forward as a general matter, IIP’s board of directors expects to evaluate adjustments to the level of IIP’s quarterly common stock dividend every six months, with any adjustments expected to be declared in the first quarter and third quarter of each year.


StaffOctober 20, 2021
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The privately-held cannabis  mortgage real estate investment trust (mREIT) Pelorus Equity Group has increased it $250 million to $1 billion. So far, Pelorus has completed 58 commercial real-estate loan transactions and has  deployed $225MM to cannabis businesses and real estate owners.

“Pelorus intends to use the net proceeds from the increased offering to continue to be the best-in-class non-bank real estate lending solution for cannabis owners and operators across their companies’ life cycles,” said Travis Goad, managing partner of Pelorus Equity Group. “This will include a new stabilized lending program with three- to five-year amortizing loans to quality sponsorship, and be offered to current borrowers upon construction completion, as well as to new borrowers that meet the company’s underwriting criteria.”

The Pelorus portfolio now totals 1,850,000 sq. ft. in eight states across the U.S. The company also said it has the has the potential to approve construction draws to reimburse the borrowers in an average of one to three days and with one agreement covering the financing of the entire project.

“Our Company launched its $100MM offering in 2018, and then in 2020, upsized it to $250MM, but with the 300% growth we’ve experienced in 2021, we continue to see an acceleration of institutional interest in our thesis and core strategy,” said Dan Leimel, CEO of Pelorus Equity Group and manager of the Pelorus Fund. “As more owners and operators look for quicker draws to generate revenue sooner and a steady flow of deals in our pipeline and investors enter the emerging sector, we expect to have more than $250MM assets under management by the end of the year and for our growth to only continue to accelerate at a rapid pace over the next year. We look forward to continuing to capitalize on our deep understanding of the sector, industry relationships and firsthand experience in cannabis commercial real estate to make more high-impact investments that deliver added value to both our clients and investors.”


StaffOctober 18, 2021
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Innovative Industrial Properties, Inc. (IIP)(NYSE: IIPR) has purchased a 201,000 square foot industrial property in Desert Hot Springs, California from Gold Flora, LLC for $51 million. Gold Flora will then lease the building and is expected to complete additional improvements for the property, for which Innovative Industrial has agreed to provide reimbursement of up to $9.0 million. Assuming full reimbursement for the improvements, IIP said its total investment in the property is expected to be $60.0 million.

“We are excited to welcome Laurie and the Gold Flora team as our newest tenant partner,” said Paul Smithers, President and Chief Executive Officer of IIP. “Gold Flora has established a strong reputation and presence in the largest regulated cannabis market in the world, California, and we look forward to supporting them as a long-term real estate capital partner for many years to come, as they continue to expand the breadth of their operations and reach throughout the state.”

Gold Flora was founded in 2017 and is a vertically integrated operator in California, including cultivation, manufacturing, distribution and retail. The company’s team includes Chief Executive Officer Laurie Holcomb, Chief Operations Officer Greg Gamet, Chief Financial Officer Chris Martin and Chief Cultivation Officer Phillip Hague. Earlier this year, Gold Flora announced a strategic partnership with Stately Brands, including the establishment of an advisory board to Gold Flora and financing to further expand Gold Flora’s retail operations, brands, and distribution network.

“Teaming with IIP on this transaction strategically unlocks capital for us as we focus on our continued growth in California, and we look forward to working with the IIP team for many years to come as our go-to real estate capital provider,” said Laurie Holcomb, Chief Executive Officer of Gold Flora. “In a few short years, I am proud of what our team at Gold Flora has accomplished, with our best-in-class line of products and strategic relationships that I believe will continue to distinguish us in the California marketplace, as we look to expand our footprint and distribution throughout the state.”

As of October 18, IIP now owns 76 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington, representing a total of approximately 7.5 million rentable square feet (including approximately 2.8 million rentable square feet under development/redevelopment), which were 100% leased with a weighted-average remaining lease term of approximately 16.7 years. In addition to that, IIP said it has committed approximately $1.9 billion across its portfolio, including capital invested to date (excluding transaction costs) and additional capital commitments to fund future construction and tenant improvements at IIP’s properties.


Debra BorchardtSeptember 29, 2021
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Cannabis real estate loan company Pelorus Equity Group has announced that its Pelorus Fund, a private mortgage real estate investment trust has closed a private placement of $42,250,000 aggregate principal amount of its 7% Senior Unsecured Notes due September 30, 2026. Possibly the even bigger news is that Pelorus, along with its Notes, received a BBB+ rating from Egan-Jones Ratings Company. This puts Pelorus on par with Innovative Industrial Properties (NYSE: IIPR), which also has a BBB+ rating.

“We’ve been experiencing great success from the transactions we’ve funded in the cannabis space, and are committed to keeping that momentum going,” said Dan Leimel, CEO of Pelorus Equity Group and manager of the Pelorus Fund. “Most banks are reluctant to offer capital to cannabis-related businesses, but our team has been forming strong partnerships with industry players for years now. Not only do we differentiate ourselves by forming trusted relationships, but we also continue to bring first-of-its-kind lending solutions to market that benefit the entire cannabis ecosystem.”

Pelorus said it plans to use the money from the offering for its operations which will include a new stabilized lending program with three- to five-year amortizing loans to quality sponsorship. It will be offered to current borrowers upon construction completion, as well as to new borrowers that meet the company’s underwriting criteria.

Leimel added, “I want to commend our team for achieving this first-of-its-kind win for the cannabis sector. Our BBB+ ratings reflect a critical achievement in the current growth phase of our Company, as well as our fiscal stewardship, robust portfolio, corporate governance, and  financial strength.”

Piper Sandler & Co. acted as the placement agent for this offering. Dentons served as counsel to the Company and Morrison & Foerster LLP served as counsel to the placement agent in connection with the Notes offering.

Pelorus Loans In Action

Last month Pelorus announced that it entered into a $19 million construction-financing loan with Item 9 Labs Corp. (OTCQX: INLB). The Pelorus’ loan money will be used to finance the acquisition of 44 acres of adjacent land next to Item 9 Labs’ 19,200 sq. ft. facility in Arizona, which has been operational since 2017. The loan will also be used to finance the master site development. Construction of phase 1 consists of three additional steel buildings and two greenhouses. This initial expansion adds 9,600 sq. ft. for indoor cultivation, 9,600 sq. ft. of lab and packaging, and a 9,600 sq. ft. head house to support the addition of the two 18,000 sq. ft. greenhouses. The total expansion will consist of six more buildings – one will be for expansion of the company’s lab and support space for the finished product, and the other five will be for indoor cultivation. Once complete, the Item 9 Labs site will comprise 640,000-plus sq. ft. of cannabis operations.

The collective loan balance across Item 9 Labs’ subject properties in Arizona and Nevada provides for a principal amount of approximately $19 million at an annual interest rate of 16% over a term of 18 months. Construction is expected to be completed over the next three years and will increase Item 9 Labs’ capabilities to meet the growing consumer marketplace and wholesale demands in Arizona and Nevada. 

Pelorus moved quickly on our complex transaction and was able to help navigate multiple hurdles on the way to closing when other previous potential lenders failed to perform. With the Pelorus team by our side, supporting our growth plans, we’re in a sound position to complete our expansion and capture more market share,” said Bobby Mikkelsen, CFO of Item 9 Labs Corp.

To date, Pelorus has completed 55 commercial real-estate loan transactions and deployed $204 million to cannabis businesses and real estate owners, comprising 1,750,000 sq. ft. in eight states across the U.S. With the ability to approve construction draws in an average of one to three days, and with one agreement covering the financing of the entire project, the Pelorus Fund helps to stabilize cash flow for its clients so they can remain focused on their core business goals and objectives.


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