Multistate cannabis operator Holistic Industries raises $35 million

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Holistic Industries, a Maryland-based multistate cannabis operator, said it raised $35 million in debt financing to fund cultivation and processing build-outs as well as new licensing and distressed asset opportunities.

The funding round was led by Virginia-based specialty financing company Altmore Capital.

The financing comes as marijuana capital markets begin to loosen some.

Holistic is a privately owned MSO that started on the East Coast and currently operates in California, Maryland, Massachusetts, Michigan and Pennsylvania. The company has won licenses to operate in Missouri’s medical cannabis market.

The company’s flagship retail and wholesale brand is Liberty Cannabis.

Holistic also recently raised $6.2 million from the sale and leaseback of a marijuana cultivation, processing and retail facility in a Detroit suburb.

The buyer, San Diego-based Innovative Industrial Properties, also has committed up to $18.8 million to build out the 63,000-square-foot facility.