AFC Gamma committed and funded $41 million to a senior secured credit facility to Story of Maryland, a vertically integrated operator in Maryland. Story MD intends to use the proceeds from the credit facility to refinance existing debt and provide working capital._x000D_
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“One of my top priorities since joining AFC has been to reinvigorate our origination engine, and I’m thrilled to announce that with this transaction, we have exceeded our 2024 goal of $100 million in new originations,” Daniel Neville, CEO of AFC, said. “This is our second transaction with Story Cannabis, a leading private multi-state operator and a great example of the Cannabis 3.0 lending opportunities that we are excited to finance. This is a proven team that knows how to scale and operate in cannabis, and we couldn’t be more excited to support their continued growth.”_x000D_
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“This financing further strengthens Story’s balance sheet by providing additional working capital and allows Story to fund additional growth initiatives,” Jason Vedadi, CEO of Story Cannabis, said. “Story takes pride in providing quality service in all aspects of its vertically integrated operations to the Story patrons and this financing will help support that goal. Story is grateful to AFC for offering this opportunity, and Story looks forward to working together given AFC’s proven track record and sophistication in the industry.”_x000D_
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Advanced Flower Capital holds the entire credit facility for Story MD, which consists of a first-lien term loan secured by the borrower’s real property and the value of its cannabis licenses and operations in Maryland. AFC Agent serves as the agent for this transaction.
Forward for Specialty Finance
