Jushi Holdings, a vertically integrated, multi-state cannabis operator, closed a secured commercial loan with FVCbank, for gross proceeds of $20 million. The proceeds of the loan will be used for working capital and other corporate purposes.
“This non-dilutive financing, which we are proud to have closed in this capital constrained environment, will significantly strengthen our financial position as we execute on our goals in 2023,” Jim Cacioppo, CEO, chairman and founder of Jushi, said. The loan has a five year term and is principally secured by the company’s cultivation and manufacturing facility located in Manassas, VA. The loan will bear interest based on the 30-day average secured overnight financing rate plus 3.55%, with a floor interest rate of not less than 8.25%.
