Cresco Labs Lands $50 Million Bank Credit Line
The facility carries a fixed interest rate of 7.99%
Cresco Labs has entered into a new credit agreement with Massachusetts-based Needham Bank, providing the multistate cannabis operator with access to a $50 million revolving credit facility.
The financing gives Cresco an additional source of capital that can be used to fund acquisitions, growth projects, and general corporate activities. The facility carries a fixed interest rate of 7.99% and remains available through August 2030.
Traditional commercial bank financing remains relatively uncommon in the U.S. cannabis industry. Many operators continue to rely on private lenders, sale-leaseback transactions, or equity raises due to ongoing federal restrictions surrounding cannabis.
Access to a conventional revolving credit facility signals a growing willingness among some financial institutions to work with established cannabis businesses that have demonstrated operational scale and financial stability.
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