Cannabis real estate lender AFC Gamma announced a senior secured credit facility worth up to $82.5 million for Florida-based privately held multistate marijuana company Bloom Medicinals.
“Bloom intends to use the proceeds from the new credit facility to repay existing debt, fund expansion initiatives, acquire a Level 1 Cultivation license in Ohio and provide additional working capital,” AFC Gamma noted in a Thursday news release.
The cultivation facility would complement Bloom’s five Ohio medical marijuana dispensaries, with AFC Gamma saying the acquisition would make Bloom’s Ohio operations vertically integrated.
AFC Gamma, headquartered in West Palm Beach, Florida, also said it was refinancing two outstanding loans to Boca Raton-based Bloom.
The credit facility is secured against “Bloom’s owned real estate properties and other commercial security interests.”
AFC Gamma recently announced $46.4 million in loans to other cannabis companies.
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The lender reported $419.2 million of loan commitments as of the end of 2021.
AFC Gamma shares trade on the Nasdaq exchange as AFCG.
