Missouri medical cannabis operator snags $23 million loan for expansion

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Missouri medical cannabis operator BeLeaf Medical raised $23 million to expand its cultivation facilities in the state.

Florida-based AFC Gamma is providing the loan.

The funds are being used to purchase a cultivation facility in Jonesburg and then expand that operation and two others, according to a news release.

The loan will be secured by the Jonesburg operation.

BeLeaf has nearly completed construction of 25,000 square feet of canopy at its locations and plans to add 16,000 square feet.

AFC Gamma CEO Leonard Tannenbaum noted in a news release that BeLeaf is one of the early entrants in Missouri’s MMJ market and “is well-positioned to utilize its first-mover status to take advantage of the many opportunities in the state.”

Missouri medical marijuana sales in July exceeded $20 million a month for the first timey.

Cumulative sales since the market launched last October totaled $91.4 million through July, according to state data.