Advanced Flower Capital (f/k/a AFC Gamma) has committed and funded a $15 million senior secured credit facility to Story of Ohio, the Ohio subsidiary of Story Companies, a privately held multi-state operator of cannabis cultivation and retail facilities. Story intends to use the proceeds from the loan to acquire and build out dispensaries in Ohio.
“We are pleased to support Story as it continues to expand its operations in Ohio,” Daniel Neville, CEO of AFC, said. “Story is one of the top private multi-state cannabis operators, led by a team of serial entrepreneurs who have consistently executed in a volatile cannabis market. We are excited to continue to support Story’s expansion.”
“We are pleased to once again partner with AFC to support Story’s expansion into a new state market,” Jason Vedadi, CEO of Story, said. “Dan Neville and his team understand the complexities of the cannabis industry, and their strategic approach aligns well with our vision for growth. This partnership enables Story to identify and capitalize on key market opportunities, and we look forward to continued success together.”
AFC will hold the entire credit facility, which consists of a first-lien term loan secured by all of Story of Ohio’s assets, including the value of its cannabis licenses and its owned real estate in both Ohio and Georgia, which is initially included as additional collateral. AFC Agent served as agent for this transaction.
