Trulieve Cannabis closed a commercial loan secured by a cultivation and manufacturing site in Florida for aggregate gross proceeds of $71.5 million. Trulieve will pay interest at a fixed rate of 7.53% for the duration of the five-year loan. Three lenders provided the loan, with Valley National Bank serving as lead agent. Trulieve intends to use the net loan proceeds for general corporate purposes.
“We are pleased to announce this non-dilutive financing at industry-leading terms, particularly given the current macroeconomic backdrop,” Kim Rivers, CEO of Trulieve, said. “This loan provides Trulieve greater flexibility as we focus on improving cash flow in 2023.”
“We’re proud to partner with Trulieve, one of the leading providers in the medical and recreational cannabis industry,” John Meyer, senior vice president of commercial lending at Valley National Bank, said. “As one of the premier commercial banks in the country, Valley has a wide array of innovative financial solutions to serve every industry, including cannabis-related businesses like Trulieve. We believe our relationship-based banking model was a differentiator in structuring this commercial loan with Trulieve and we’re excited to support them as they continue to grow and expand into new markets.”