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.
Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.
Get your 2023 MJBiz Factbook now!
- 200+ pages and 50 charts with key data points
- State-by-state guide to regulations, taxes & opportunities
- Segmented research reports for the marijuana + hemp industries
- Accurate financial forecasts + investment trends
Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.
“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.