Acreage secures $100 million in debt to fund marijuana growth

Acreage Holdings, a New York-based multistate operator, on Friday said it had secured a credit facility of up to $100 million with an institutional lender.

In addition, the company has agreed to a separate $50 million loan as collateral to the credit facility.

Part of that $50 million is funded by Acreage CEO Kevin Murphy.

The company, which also announced a warrant transaction totaling up to $50 million, will likely draw down an initial $49 million of the credit facility this month.

Acreage’s move is similar to recent debt transactions secured by cannabis MSOs Curaleaf and Cresco Labs.

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