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

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.