Alternative Finance Network, an independent financing network serving cannabis and hemp companies in the United States and Canada, arranged a $10 million revolving credit facility for Jupiter Research, a subsidiary of TILT Holdings.
TILT now has access to low rates for cannabis financing at prime plus 3.5% and this facility is secured with accounts receivable, inventory and related property from Jupiter Research. TILT will use the proceeds for general corporate purposes and capital projects. The line has a two-year term and will continue for additional one-year terms unless ended by either party.
“This transaction demonstrates our ability to assist leading cannabis companies in their search for working capital by using our network of cannabis-friendly funding sources to bring together borrowers and lenders,” Scott Jordan, founder of Alternative Finance Network, said. “Without this expansive network, it would have been difficult for this transaction to have occurred.”
“TAFN has been a knowledgeable and trusted partner in this process, and we were grateful to work with them on this credit facility,” Gary Santo, CEO of TILT, said. “This transaction had its challenges given the nature of our industry, but TAFN’s perseverance and tenacity led us to a successful outcome. We look forward to the opportunity to work with them again in the future.”
