Marijuana industry finance company Sweet Leaf Madison Capital (SLMC) closed a $100 million debt facility, which could be increased to $200 million.
SLMC said the funding came from an unspecified “New York-based global institutional special situations asset manager.”
“Both parties will have an option to evaluate the progress and increase the debt facility to $200 (million),” Denver-based company said in a Thursday news release.
SLMC Chair and CEO Bryan Gordon said in a statement that “this infusion of capital is a strong show of confidence in cannabis debt financing, as well as in Sweet Leaf Madison’s approach to working in this highly regulated and fragmented industry.”
The release did not specify how the capital would be used.
However, the company noted that the “recent funding will enable SLMC to further narrow the gap between cannabis businesses and capital needs.”
SLMC provides asset-based loans “to the underserved middle-market of the cannabis industry.”