Pelorus Equity Group Announces $19M Construction-Financing Loan With Cannabis Co. Item 9 Labs

Pelorus Group, a provider of value-add bridge commercial real estate loans to cannabis businesses and owners with cannabis-related real estate, announced that its Pelorus Fund, a private mortgage real estate investment trust, has entered into a $19 million construction-financing loan with Item 9 Labs Corp. (OTCQX: INLB), a vertically integrated, cannabis dispensary franchisor and operator that produces premium, award-winning products. 

The proceeds from Pelorus’ high-performance loan 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 green houses. 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 …

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