Marijuana industry lender AFC Gamma provided $34 million in debt capital to Florida-based dispensary operator Sunburn Cannabis.
The funds are being disbursed to Sunburn Cannabis through High End Holdings and its subsidiary Green Sentry Holdings.
West Palm Beach, Florida-headquartered AFC Gamma will hold the $34 million across the two credit facilities, which consist of a first-lien term loan secured by all assets of Sunburn, according to a news release.
Sunburn, a vertically integrated operator, will use the funds to refinance debt, provide working capital and expand its cultivation, processing and dispensary presence in Florida “and beyond,” the release noted.
Sunburn’s parent, Green Sentry Holdings, is owned by Brady Cobb, who has been described by the South Florida Business Journal as a “serial entrepreneur.”
Cobb, Sunburn’s CEO, and his “… team are an example of the Cannabis 3.0 lending opportunities that we are excited to finance,” AFC Gamma CEO Daniel Neville said in a statement.
“This is a team with prior success in the Florida market that knows how to scale and operate in cannabis and is focused on building a true brand.”
Green Sentry Holdings bought all of California-headquartered MedMen Enterprises’ Florida holdings for $67 million in 2022.
