Florida-based cannabis business real estate lender AFC Gamma loaned an additional $30 million to Arizona-headquartered multistate marijuana operator Devi Holdings, which does business as Nature’s Medicines.
Nature’s Medicines operates cannabis dispensaries in Arizona, Maryland, Massachusetts, Michigan and Pennsylvania, according to its website, with a pending location in Missouri. The company also cultivates cannabis.
In May 2020, AFC Gamma announced it was lending $42 million “to streamline Nature’s Medicines’ capital structure and support its expansion initiatives, which include growth in its home state of Arizona and significant expansion into the Michigan market.”
AFC Gamma said in a Monday news released that $20 million more went to expanding the credit facility, with $10 million “syndicated to an affiliate.”
The credit facility now totals $62.5 million, secured against Nature’s Medicines’ “owned real-estate and other commercial-security interests.”
The expanded loan “is designed to provide Nature’s Medicines with additional capital to complete strategic acquisitions and further expand its existing business operations,” AFC Gamma noted.
“With favorable supply and demand fundamentals across its operating and targeted markets, we believe Nature’s Medicines is poised for additional growth,” AFC Gamma CEO Leonard Tannenbaum said in the release.
AFC Gamma shares trade on the Nasdaq exchange as AFCG.