Green Thumb Industries, a national cannabis consumer packaged goods company and owner of RISE Dispensaries, increased its existing syndicated credit facility led by Valley National Bank by $50 million, bringing the total facility to $189 million. The company intends to use the cash proceeds for general corporate purposes, potential strategic investments and other working capital requirements.
“Adding $50 million to our balance sheet at a low rate should be good for our shareholders long term,” Ben Kovler, founder, chairman and CEO of Green Thumb, said. “We are fortunate to have Valley National Bank as a financing partner who has confidence in our business model and capital stewardship.”
The credit facility has a maturity date of Sept. 11, 2029 and will continue to bear interest from the date of issue at Secured Overnight Financing Rate (SOFR) + 500 basis points. This transaction did not involve the issuance of any Green Thumb equity to any of the participating banks in the syndication.
