AFC Gamma, a commercial real estate finance company that provides loans to operators in the cannabis industry, provided a credit facility of $15.5 million to The Evermore Cannabis Company, a vertically integrated Maryland operator. The credit facility is designed to provide Evermore with additional capital for the expansion of its cultivation and manufacturing facility in Baltimore and to consolidate and streamline its ownership structure.
“We are pleased to support Evermore with our first direct investment in Maryland, a fast-growing market with tremendous potential,” Leonard M. Tannenbaum, CEO of AFC Gamma, said. “Following a bridge loan, this credit facility is just the first step in a long-term relationship with Evermore and we look forward to supporting its efforts as it looks to acquire real estate and expand its cultivation and manufacturing facility.”
“As we continue expanding in this strong and attractive market, we are excited to have the support and partnership of AFC Gamma, a proven leader in the cannabis space and a flexible lender that was able to accommodate our capital needs quickly and efficiently,” Craig Schulman, chairman and managing principal at Evermore, said. “We look forward to partnering with AFC Gamma in the months and years ahead as we execute on our growth objectives in Maryland.”
AFC will hold $10.075 million of the credit facility and $5.425 million was syndicated to an affiliate, which consists of a first-lien term loan. AFC Management served as lead arranger and administrative agent for the transaction. Greenvision acted as Evermore’s financial advisor.