Business
Illinois social equity cannabis grower receives $1M loan via new program
Helios Labs, a minority-owned craft cannabis grower in Illinois received a $1 million loan through a state program designated for social equity license holders.
The Broadview-based company was able to secure the funding after being connected with Good Tree Capital by the Illinois Department of Commerce and Economic Opportunity’s Cannabis Social Equity Loan Program.
Good Tree Capital is a Chicago-headquartered financial institution that provides loans to cannabis companies.
“With enormous start-up costs, it is vital for all license holders to complete build-outs and begin operations as quickly as possible and move into a revenue-generating model,” Ambrose Jackson, chief executive officer for Helios Labs, said in a late Tuesday news release.
Earlier this month, the state announced it was offering a total of $8.75 million in forgivable loans to conditionally approved social equity marijuana licensees “in order to provide immediate access to capital” after challenges with a previous loan program.
Under the Illinois program, craft growers are eligible for loans of $500,000, infusers can apply for $250,000 and transporters can seek $50,000.