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.
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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.