Medical cannabis company FarmaceuticalRX borrows $34 million from Chicago Atlantic

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FarmaceuticalRX, a medical cannabis producer with operations in Ohio and Pennsylvania, closed a $34 million loan from cannabis real estate financier Chicago Atlantic Real Estate Finance and other unspecified “institutional lenders.”

Proceeds from the senior secured loan will be used “to complete the funding of (FarmaceuticalRX’s) Ohio level 1 cultivation and post-harvest facility, repay existing debt, fund equipment purchases, and for general working capital purposes,” according to a Chicago Atlantic news release issued Tuesday.

“We continue to believe Ohio is a very attractive limited license state and the right market for us,” FarmaceuticalRX founder and CEO Rebecca Myers said in a statement.

The 100,000-square-foot facility is in East Liverpool, Ohio, where the company also operates a dispensary.

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FarmaceuticalRX, based in Farrell, Pennsylvania, announced a 2021 loan of up to $21 million from AFC Gamma related to the same production facility.

Chicago Atlantic recently upsized its own bank loan to $45 million after its debut on the Nasdaq exchange.

The company’s shares trade as REFI on the Nasdaq.