Fluresh, a vertically integrated cannabis business based in Michigan, closed a $25-million note with a federally regulated bank back in December. The company announced the loan transaction just this past week. It’s a headline celebrated as an “important rite of passage” for the industry by Stephen Lenn, Managing Partner of Brennan, Manna & Diamond in Phoenix.

And for Fluresh, it’s a major feather in the company’s cap. The business also completed a $23-million debt refinancing on its Grand Rapids property—also through the federally regulated bank, which is based in southeast Michigan.

“For the industry, [the note closing] reflects its inexorable movement out of the shadows and into the mainstream,” Lenn said in a public statement. “Possibly of greater significance is the normalization of cannabis, which likely extends far beyond banking. This substantiates the view that, whether any of the pending federal legislation is enacted, bank lending to the cannabis industry will continue to accelerate.”

The note is secured by that Grand Rapids property, according to the company, and it’s set to mature in December 2024.

“We are pleased to successfully complete one the largest debt financings of a cannabis operator by a federally chartered bank,” CFO Jacob Fein said in a public statement. “This non-dilutive debt financing represents an industry-leading cost of capital and simplifies our capital structure. This debt financing is a significant milestone for both Fluresh and the cannabis industry.”