Valley National Bank, the wholly-owned subsidiary of Valley National Bancorp, closed a $150 million five-year senior secured term loan facility to Green Thumb Industries, a national cannabis consumer packaged goods company and owner of RISE Dispensaries. The company intends to use the proceeds along with existing cash to retire its $225 million senior secured debt due April 30, 2025.

Valley National Bank is the sole lead arranger, sole bookrunner, and administrative agent for the deal in conjunction with a tailored syndicate of bank market investors. The transaction was arranged, structured, undertaken and syndicated by Valley’s syndications team, who led GTI’s first syndicated transaction with an innovative structure and created a syndicate tailor-made to support GTI today and in the future.

“We are proud to continue our partnership with GTI, a proven leader in the consumer-packaged goods and wellness industry,” John Meyer, senior vice president of commercial banking at Valley, said. “Valley is committed to relationship banking at scale and to providing tailored solutions to our client base. We are thrilled to have delivered an innovative loan structure to GTI that was successfully syndicated in the bank market.”

“This financing is a first-of-its kind credit facility for the U.S. cannabis industry, marking a major step for Green Thumb and cannabis more broadly,” Ben Kovler, founder, chairman and CEO of Green Thumb, said. “We plan to double down on our efforts to build brands that Americans love. Cannabis is a means towards more well-being, and we know Americans are craving well-being now more than ever. The future of America is more cannabis, and this debt arrangement allows us to invest for the future of America’s well-being. We are grateful to Valley for being great partners and providing a tailored solution that fits Green Thumb’s needs.”