Trulieve Cannabis, a cannabis company in the U.S., closed a commercial loan secured by a cultivation site in Florida for aggregate gross proceeds of $25 million. Trulieve will pay interest at a fixed rate of 8.31% for the duration of the five-year loan. Lenders were comprised of two banks, with First Federal Bank serving as lead agent. The company intends to use the net loan proceeds for general corporate purposes.
“We are pleased to announce this non-dilutive financing, particularly given the current macroeconomic backdrop,” Kim Rivers, CFO of Trulieve, said. “This loan provides Trulieve greater flexibility and bolsters our cash position as we focus on preparing for growth catalysts.”
“The cannabis industry is an important and complex sector with a significant presence in Florida. We are honored to offer deposit and lending solutions, and particularly this loan to facilitate Trulieve’s growth,” John Medina, president and CEO of First Federal Bank, said.
