Harvest Health & Recreation, a Phoenix-based multistate cannabis operator, secured up to a $225 million loan to help accelerate growth.
The loan, to be structured in three $75 million tranches, is backed by Miami-based Torian Capital Partners.
Harvest said the proceeds will be used for:
- Working capital.
- Strategic acquisitions.
- General corporate purposes.
The loan will be secured by Harvest assets, including current and future dispensary licenses.
Torian Capital invests in both private and public cannabis companies. The first tranche is expected to close in the next 30 days.
Harvest said in March it is acquiring Verano Holdings in a deal that was then valued at $850 million.
That transaction is not expected to close until the end of this year amid antitrust concerns.