North Easton Savings Bank closes $15.2 million financing

Easton, MA North Easton Savings Bank (NESB) has completed the closing of a $15.2 million financing for Salisbury Cultivation and Product Manufacturing, LLC, doing business as Root & Bloom and Road Trip. 

The transaction reflects NESB’s commitment to providing customized financing solutions to established businesses and supporting the continued growth of locally based companies.

Salisbury Cultivation and Product Manufacturing has rapidly established itself as a cornerstone of the state’s cannabis industry. The company operates a state-of-the-art, 40,000 s/f cultivation, extraction, and manufacturing hub under the Root & Bloom brand, alongside its flagship recreational storefront, Road Trip Dispensary, located directly next door on Lafayette Rd. 

“At North Easton Savings Bank, we believe the best commercial banking relationships are built on understanding our clients, their businesses and their long-term objectives,” said Cate Adams, EVP, chief commercial banking officer at North Easton Savings Bank. “This transaction is a great example of our ability to bring together the expertise, flexibility and local decision-making necessary to structure financing for a sophisticated and growing business. We’re proud to partner with Salisbury Cultivation and to support their continued success.”

The $15.2 million financing was led by NESB’s Commercial Banking team, which worked closely with Salisbury Cultivation to understand the company’s goals and develop a financing solution tailored to its needs.

“This was a complex transaction that required a thoughtful approach and close collaboration with the Salisbury Cultivation team,” said Eric Goodwine, VP, commercial relationship manager at North Easton Savings Bank. 

“Our team was able to work closely with the client throughout the process, identify the right financing structure and execute successfully. We’re grateful for the trust they placed in NESB and we’re excited to continue supporting them as they grow.”

Goodwine was hired at North Easton Savings Bank to lead the growth of the Cannabis Banking & Lending segment. This includes developing relationships with cannabis-related business owners and investors and advising borrowers on financing and cash management services.

Through the Cannabis Banking & Lending division, NESB offers full-service banking for cannabis businesses, including loans, deposit accounts and cash management services.

“We appreciate the partnership and confidence North Easton Savings Bank demonstrated throughout this transaction,” said Tom Regan, CEO of RoadTrip and Root & Bloom. “Their team took the time to understand our business, our objectives and what we needed to move forward. The NESB team was responsive, knowledgeable and collaborative from start to finish, and we’re pleased to have them as a financial partner as we continue to build our business.”

The successful closing highlights NESB’s ability to provide customized commercial financing solutions while maintaining the personal service and relationship-focused approach that has long defined the Bank.

“As a mutual savings bank deeply rooted in the Commonwealth,” added Adams, “investing in the long-term success of local regional businesses is at the heart of our operations. North Easton Savings Bank remains fully committed to providing sophisticated, scalable financial services and capital to the Massachusetts cannabis market. Partnering with Salisbury Cultivation and Manufacturing represents the perfect execution of this mission. The impressive operational discipline behind the Root & Bloom and Road Trip brands makes them an ideal partner as we continue to deploy flexible commercial lending solutions that help high-growth, regulated local industries thrive with confidence.”