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Banking & Finance

CARES Act loans for small businesses available Friday

This $349 billion Paycheck Protection Program, a partnership between private lenders and the Treasury Department, is meant to cover eight weeks of small business costs and keep workers employed while the COVID-19 pandemic can be contained and the economy can recover, said Treasury Secretary Steven Mnuchin.

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Cannabis operator closes on $25.5M Franklin Labs acquisition

Harvest Health & Recreation, a Tempe, Arizona–based multi-state cannabis operator, said it closed on the acquisition of Franklin Labs LLC, a subsidiary of CannaPharmacy, for about $25.5 million. The acquisition, payable with $15.5 million in cash and a $10 million promissory note, includes a 46,800-square-foot cultivation and manufacturing/processing facility in Reading.

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