BrightNight, a power and digital infrastructure company with a 30 GW portfolio, has announced the first closing of its upsized corporate credit facility, with a maximum total commitment of up to $850 million. The facility includes up to $550 million for letters of credit, up to $200 million for equipment deposits and limited notice to proceed facilities, and $100 million in revolving credit capacity. ING Capital LLC, First Citizens Bank, HSBC, Natixis Corporate & Investment Banking and ICBC Standard Bank are serving as coordinating lead arrangers. The facility will support credit obligations and capital requirements across BrightNight's development and construction portfolio, particularly in Arizona, Oregon and Washington. A second closing is expected in the second quarter as additional lenders complete due diligence.

U.S. bank's lawsuit against intoxicating hemp producer signals reckoning for sector. A U.S. bank has filed a lawsuit against a U.S.-based cannabinoid supplier and its founders for failing to repay a roughly $1 million loan. Hemp-friendly First-Citizens Bank & Trust Co. filed the suit against MC Nutraceuticals, its founders, Jeff Worley and Bret Worley, and related MC entities. The case, filed in U.S. District Court in Texas, alleges the company and its principals failed to repay the loan issued in September 2023. The legal skirmish is the latest in a growing list of legal challenges facing one of the U.S. hemp sector's most visible cannabinoid producers, and underscores the risks that have long shadowed the loosely regulated market for intoxicating hemp-derived compounds such as delta-8 THC and similar synthetics. As policymakers in Washington continue to debate revisions to federal hemp rules, companies built on the intoxicating-hemp model face increasing pressure. Legal pressure. MC Nutraceuticals and affiliated companies are tied up in a number of disputes over unpaid bills, contract breakdowns and regulatory scrutiny, including: * A contract dispute with Asterra Labs involving claims and counterclaims over unpaid invoices and alleged misconduct * A separate action involving American Express against a related MC entity * A settlement with Colorado authorities over product claims and compliance issues Together, the cases point to a pattern of financial strain and aggressive business practices that have become familiar in the dodgy intoxicating hemp segment. Business model. MC Nutraceuticals, with roots in Colorado and operations in Texas, describes itself as "the largest global supplier of cannabinoids." It was founded by the Worleys in 2020 following the passage of the 2018 Farm Bill. The company initially focused on bulk CBD distillates and isolates, serving other brands and manufacturers. Like many such producers who suffered brutal contraction during the CBD crash of the early 2020s, MC pivoted into synthetic intoxicants such as delta-8 THC, HHC and THCa as those markets emerged. MC offers live resins, infused materials and custom blends tailored for vapes, edibles and other consumer products. Its affiliated retail brand Vivimu extends that reach into direct-to-consumer channels for intoxicating hemp. The business operates within a broader network under MC Global Holdings, which includes entities such as MC Nutraceuticals and MC Distribution. $1M loan in 2023? First-Citizens, based in North Carolina, has been an active lender in niche and emerging sectors, including hemp. The bank grew steadily through acquisitions during the regional banking consolidation wave, positioning itself as a provider of credit in areas where traditional lenders have been cautious. That context raises a basic question: why a $1 million loan to a cannabinoid producer in 2023, at a time when regulatory uncertainty around intoxicating hemp products was already well understood? By then, the market for delta-8 and similar compounds was widely recognized as operating in a gray zone - one that federal lawmakers had already signaled they intended to close. Sector risks. The unfolding litigation highlights deeper structural problems in intoxicating hemp after federal action in late 2025 effectively marked the beginning of the end for the segment. Ahead of a national ban to take effect at the end of this year, states across the U.S. have moved unevenly to restrict or ban the products, creating a patchwork of rules that complicates interstate commerce and compliance. The market for the unregulated products grew rapidly under a legal loophole in the 2018 Farm Bill that led some shady producers to turn hemp-derived compounds into synthetic, high-producing substances that are still widely available in some states, where they are often marketed to children in knock-off brands mimicking popular treats. Support hemptoday with a donation. We appreciate our paying subscribers and strive to deliver the most complete, well-researched and comprehensive news, analysis and commentary about the hemp industries. If you'd like to further support us, click below to make a donation. * indicates required

Wellesley Select Board briefed on First Citizens Bank traffic study, addresses Tolles Parsons Center art policy. The Wellesley Select Board on March 10 spent most of its roughly two-hour meeting on possible traffic implications of a new bank planned in lower falls at the former Taylor Rental site at 26 Washington St. (see Wellesley Media recording). First Citizens Bank plans to tear down the existing structure and build a new two-story one that will mainly be used for commercial banking when it opens in a couple of years. Its redevelopment effort is considered a Project of Significant Impact (PSI) in town, and is going through a thorough town approvals process, including a PSI Special Permit public hearing at the Planning Board (see Wellesley Media recording of March 9 meeting). As part of that process, the Select Board reviews plans for pedestrian and traffic safety, and makes recommendations to the Planning Board. At its March 10 meeting, the Select Board approved a peer review by Tighe & Bond of the bank's own traffic assessment as being professionally conducted. During the meeting, First Citizens reps outlined their responses to that peer review. Overall, the board was impressed with the thoroughness of First Citizens Bank's transportation analysis, which took into account current and forecasted traffic volumes, intersection impacts, crash data, and more. The board also complimented the proposed design of the building, which takes inspiration from existing Wellesley structures, including the Sprague Memorial Clock Tower at Elm Park and a nearby church. Among the other property changes: Consolidating two existing driveways to one. One area of confusion over the transportation analysis, and estimated new trips generated, resulted from First Citizens using Institute of Transportation Engineers data for drive-in banks (like retail ones) vs. walk-in banks, as this more business oriented office will be. As First Citizens and the peer reviewer explained, there's limited industry standard data available for businesses like this to use. So the estimated 834 new daily trips presented by First Citizens is likely much higher than what will actually be. Plans are for the bank to operate 9am-5pm weekdays, and to be closed on weekends. First Citizens reps acknowledged that stretch of Washington Street, in between Glen Road and River Street, gets congested, though claimed its project would have little impact on the current traffic situation. The board also addressed the issue of being able to take left turns out of the future bank site, as the peer review had recommended considering this not being allowed. Board members spoke out against such a restriction, noting that left-hand turns, while challenging, are allowed for other businesses along the strip. So it wouldn't be fair to saddle the bank with such a restriction. Questions were also raised related to this project's impact within the context of other possible developments in the area, but First Citizens reps said there isn't enough in the way of actual plans for developments available to do that. Tolles Parsons Center art displays. The Select Board meeting began with three citizens encouraging the board to allow the continued display of Wellesley resident and Council on Aging patron art at the Tolles Parsons Center, home of the Council on Aging (the Select Board had also received emails on the topic). Mark Maiden, a COA volunteer art co-ordinator, said more than 200 pieces of art by 30-plus Wellesley residents and COA patrons have been displayed in recent years. Concerns had been circulating ahead of the meeting about the current displays possibly having to be removed. Select Board member Colette Aufranc, liaison to the COA, addressed the issue toward the end of the meeting. She said the Select Board was approached by the COA Board in 2024 to help with their policy on art displays in the Tolles Parsons Center; there had been some tension about how art from COA patrons and from outside bodies was being displayed. The Select Board in mid-2024 discussed the need to develop a building use policy, and voted at that point to only allow art created during COA classes at the Tolles Parsons Center pending development and adoption of a formal building use policy by the Select Board (the Tolles Parsons Center is under the care, custody, and control of the Select Board). The board's policy subcommittee subsequently took up the issue of a building use policy and the board early last year shared feedback on a first read, said Aufranc, who added that at a high level there are complications in displaying art in government-owned buildings related to allowance for free speech. Work continues on the policy. "We want to make sure we work with the building users, and the Council on Aging is one of them, to understand what is it that the Council on Aging would like to achieve in displaying art, what are they trying to do for their patron population, and we would try to work to develop a policy that does that," Aufranc said. Aufranc said she recently reminded COA leadership of the rules in place, and to keep the m in mind for future displays as the Select Board works on a building use policy. The Select Board is not asking the COA to remove any current art, nor has it talked about doing so, she said. Also at the meeting: * The Town-wide Financial Plan has been posted to the town website. Board Chair Marjorie Freiman highlighted a change related to anticipated funding for design of the school air conditioning project. "In last year's Town-wide Financial Plan the assumption was that the design would cost approximately $4m, and consistent with other funding decisions on design that funding might be dependent upon the outcome of a voter referendum at next year's town election..." But the School Committee has opted to install window units, a less expensive approach with design estimates at $2m, and the Town-wide Financial Plan indicates a referendum is no longer assumed. At the end of FY26, the town will reassess how design might best be funded. * Executive Director Meghan Jop shared an update on the 2026 Annual Town Meeting warrant, which continues to shrink as articles are bundled into the consent agenda voted in one fell swoop and motions under other articles are pulled. That could mean for a shorter than usual meeting this spring. * Firefighter candidates were introduced and appointed.