Newport Beach, CA (February 2, 2022) — Pelorus Equity Group (“Pelorus”), the leading provider of value-add bridge commercial real estate loans for cannabis businesses and owners with cannabis-related real estate, announced it achieved 434% growth year-over-year in 2021. The Pelorus Fund (the “Company” or “Fund”), a privately held mortgage real estate investment trust (“mREIT”) with cannabis use and cannabis-related properties, also announced it ended the year with $243 million assets under management (“AUM”) and $193 million of equity – more equity than any other privately held or publicly traded commercial real estate lender in the cannabis space. Additionally, Pelorus accomplished several industry firsts throughout 2021.
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Upsized Pelorus Fund’s offering to $1B from its previous $250M offering.
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Pelorus Fund outperformed its original 2021 growth projections of 300% by 134%.
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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.
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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.
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First to close a bond offering of $42,250,000 aggregate principal amount of its 7% Senior Unsecured Notes in the cannabis sector.
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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.
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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.
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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.
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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.
Investor Contact:
Pelorus Equity Group