WEST PALM BEACH, Fla., April 02, 2025 (GLOBE NEWSWIRE) — Advanced Flower Capital Inc. (Nasdaq: AFCG) (“AFC”) today announced that it has committed to a $14 million senior secured credit facility to various subsidiaries of Standard Wellness Holdings (“Standard Wellness”), a privately held multi-state operator of cannabis cultivation, processing, and retail facilities. $10.5 million of the senior secured credit facility was funded at close. Standard Wellness intends to use the proceeds from the loan to acquire a dispensary in Missouri, relocate a dispensary in Utah, and refinance and consolidate various debt facilities.
“Jared and the Standard Wellness team have proven to be astute capital allocators, and we are excited to support them as they continue to expand and optimize their business. As we continue to diversify our portfolio, Standard Wellness has many of the characteristics we are looking for in borrowers: a stable business in attractive limited license states, led by a battle-tested management team with a track record of success,” said Daniel Neville, AFC’s Chief Executive Officer.
“Having closed on several debt facilities in the cannabis space, our team was extremely impressed with AFC’s working knowledge of the complexities of our industry. Their focus on meeting a tight timeframe to close and efficient approach to due diligence validated our decision to work with them and allowed us to cost effectively simplify our capital structure.” stated Jared Maloof, CEO of Standard Wellness.
AFC will hold the entire credit facility, which is secured by a first lien on all of Standard Wellness’s Utah operations and its dispensaries in St. Louis, MO and Cincinnati, OH, and a second lien on its Ohio cultivation facility. The collateral assets include owned real estate in Utah and Ohio and the value of those subsidiary’s cannabis licenses. AFC Agent LLC served as agent for this transaction.
In connection with the transaction, Gramercy Capital Group, LLC (through INTE Securities LLC) served as financial advisor to Standard Wellness.
