One of two state agencies that are in the process of making $20 million in financing available to a Missouri-based cannabis company said Thursday the loan is not final and that the agency is continuing to examine the plan.
The state Department of Employment and Economic Development that administers a fund meant to promote job creation in the Iron Range said in a statement that an endorsement of the project by the board of the Department of Iron Range Resources and Rehabilitation does not bind DEED.
“The IRRR Board vote is an early step in the financing process — so far, no loan has been issued,” the department said in a statement Thursday. “Any release of money will not happen until the borrower gets a cannabis license from the state. As with many projects on the Iron Range, IRRR asks DEED to consider buying participations in loans for projects.
“After IRRR’s preliminary approval and Board vote, DEED will conduct its own due diligence and validate documentation for the approved project before potentially dispersing from the 21st Century Fund,” the statement concluded. READ MORE (This story was originally published by MinnPost.)