Cresco Labs has entered into a new credit agreement with Massachusetts-based Needham Bank, giving the multi-state cannabis operator access to 50 million dollars revolving line of credit.

The financing provides Cresco with an additional source of capital that can be used to finance acquisitions, growth projects and general corporate activities. The facility has a fixed interest rate of 7.99% and remains available until August 2030.

Traditional commercial bank financing remains relatively uncommon in the US cannabis industry. Many operators still rely on private lenders, sale-leaseback deals or capital raises due to current federal restrictions on hemp.

Access to a conventional revolving line of credit indicates the growing willingness of some financial institutions to partner with established hemp businesses that have demonstrated scale and financial stability.