AFC Gamma provides nearly $50 million of capital to three cannabis companies

Women, minority execs show few gains in U.S. cannabis industry, according to the latest data from the MJBiz Diversity, Inclusion and Equity Report. Get your copy here.


Florida-based lender AFC Gamma said it provided $46.3 million of capital to three cannabis companies as part of expanded credit facilities.

According to a news release, the details are as follows:

  • An additional $26 million to Chicago-based Verano Holdings. Verano recently announced it had drawn $100 million more under its existing credit agreement to fund expansion and strategic initiatives. AFC Gamma, which now holds $86.6 million in its Verano credit facility, was listed as a participant in the expanded credit agreement.
  • An additional $15.3 million to Nature’s Medicines, a Phoenix-based multistate operator. AFC Gamma said it now holds $77.8 million in that credit facility.
  • An additional $5 million to Michigan-based Natrabis, which operates a 50,000-square-foot cultivation and processing facility in the state. Natrabis does business as Society C. AFC Gamma now holds $15 million in the credit facility.

Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.

Order your 2022 MJBiz Factbook, out now!

Featured Inside:
  • 200+ pages and 50 charts with key data points
  • State-by-state guide to regulations, taxes & opportunities
  • Segmented research reports for the marijuana + hemp industries
  • Accurate financial forecasts + investment trends

 

Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.

AFC Gamma CEO Leonard Tannenbaum said in a statement that the company’s strategy is to build long-lasting relationships with the cannabis companies it serves and “provide additional capital as they expand their businesses in new and existing states.”

AFC Gamma raised $100 million in late 2021 to help fund its marijuana financing activities.