AFC Gamma expanded its senior credit facilities with three different borrowers: Verano Holdings, a multi-state operator with active operations in 12 states, including 12 production facilities; Devi Holdings, doing business as Nature’s Medicines, a multi-state operator headquartered in Phoenix; and Natrabis, doing business as SocietyC, is a premium cannabis producer that operates a state-of-the-art 50,000 square foot indoor cultivation and processing facility in Lake Orion, MI.
“At AFC Gamma, we aim to build long-lasting relationships, working closely with our borrowers as they grow their businesses,” Leonard M. Tannenbaum, CEO of AFC Gamma, said. “We are pleased to have expanded upon our existing credit facilities with three strong borrowers to provide additional capital as they expand their businesses in new and existing states. We continue to believe that AFC Gamma is the premier relationship cannabis lender in the industry and our unique hold size provides us with the ability to expand the loans of existing borrowers in an expedited manner.”
AFC Gamma has committed an additional $26.6 million under the expansion to Verano’s credit facility, and now holds $86.6 million in total of the expanded credit facility and an additional $15 million of the expansion was syndicated to an affiliate.
AFC Gamma has committed an additional $15.3 million under the expansion to Nature’s Medicines credit facility, and now holds $77.8 million in total of the expanded credit facility and an additional $1.0 million of the expansion was syndicated.
AFC Gamma has committed an additional $5.0 million under the expansion to Natrabis’ facility and now holds the entire $15.5 million expanded credit facility.