Cannabis multistate operator Green Thumb Industries closed a $150 million, five-year syndicated credit facility led by Valley National Bank.
According to GTI, the oversubscribed, non-brokered offering is the first bank-only financing of its kind in the regulated U.S. marijuana industry.
The Chicago-based MSO plans to use proceeds of the credit facility and existing cash to retire $225 million in senior secured debt due April 30, 2025, according to a news release.
The notes have a maturity date of Sept. 11, 2029.
“We are thrilled to successfully execute upon this syndicated loan facility for Green Thumb, a first-of-its kind bank financing for the U.S. cannabis industry,” said John Meyer, senior vice president of commercial banking at Valley National Bank.
Green Thumb Chairman and CEO Ben Kovler said in a news release: “The new capital funding further strengthens our already clean balance sheet for another five years.”
GTI reported annual revenue of $1.05 billion and a gross profit of $528.05 million in February.
The company also said it remains profitable “regardless of federal reform,” such as the proposed rescheduling of marijuana from Schedule 1 to Schedule 3 of the Controlled Substances Act.
