Chicago-based marijuana multistate operator Verano Holdings Corp. said Wednesday it amended an existing credit agreement to secure an additional $120 million in funding at a lower annual interest rate of 8.5%.
The loan brings the total outstanding senior secured term loans under the credit facility to $250 million.
The latest funding comes with the option for an additional $100 million.
The 8.5% interest rate on the new loan is below the 9.75% annual rate Verano secured for its previous upsized credit facility announced in May.
Chicago Atlantic Advisors and AFC Gamma provided the funding for the latest tranche, according to a news release.
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“This transaction dovetails with our short- and long-term objectives to remain acquisitive and expand the Verano platform in both new and existing markets,” Verano CEO George Archos said in the release.
In November 2020, Verano acquired Florida-based Altmed for an undisclosed sum and now holds cannabis business interests in 14 states.
Verano trades on the Canadian Securities Exchange as VRNO and on the over-the-counter markets as VRNOF.
