Marijuana MSO Trulieve closes commercial loans worth $90.4 million

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Florida-based marijuana multistate operator Trulieve Cannabis closed on two commercial loans in December worth gross proceeds of $90.4 million, including a five-year arrangement for $71.5 million and a 10-year loan worth $18.9 million.

The larger, five-year loan carries a 7.53% interest rate and is secured against a Florida cultivation and manufacturing facility, according to a news release.

The money was lent by three banks, with Valley National Bank as the lead agent.

The smaller, longer-term loan carries a 7.3% interest rate for the first five years, followed by a rate equivalent to the five-year treasury rate plus 3.5% for the remainder.

Trulieve “may prepay the loan with cash from operations with no prepayment penalties at any time,” according to another release.

The $18.9 million loan, from an unspecified lender, is secured against a Trulieve cultivation and manufacturing facility in West Virginia.

The MSO said it plans to use the net proceeds of both loans for general corporate purposes.