Story of Ohio got a $15 million loan from Advanced Flower Capital to support its expansion in Ohio’s adult-use marijuana market.
The subsidiary of Phoenix-based multistate operator Story Cannabis Co. plans to expand by developing and acquiring marijuana retailers in Ohio, according to a Tuesday news release.
Beyond Ohio and its home state of Arizona, Story Cannabis Co. has operations in Maryland and New Jersey.
“Story is one of the top private multistate cannabis operators, led by a team of serial entrepreneurs who have consistently executed in a volatile cannabis market,” Advanced Flower Capital CEO Daniel Neville said. “We are excited to continue to support Story’s expansion.”
The credit facility, which is entirely held by Advanced Flower Capital, is secured by all of Story of Ohio’s assets, including the value of its cannabis licenses as well as real estate assets in Ohio and Georgia.
“This partnership enables Story to identify and capitalize on key market opportunities, and we look forward to continued success together,” Story Cannabis Co. CEO Jason Vedadi said in a statement.
Advanced Flower Capital, also known as AFC Gamma, is a commercial mortgage real estate investment trust (REIT) that trades on the Nasdaq as AFCG.
The REIT provides institutional loans to regulated U.S. marijuana operators.
