Pennsylvania-based Organic Remedies plans to build out a 240,000-square-foot cultivation and processing facility in the state and three additional medical marijuana dispensaries thanks to a $22 million raise.
The financing reflects how capital continues to become more plentiful in the marijuana industry after some tight times.
The loan is secured by first-lien mortgages on Organic Remedies’ properties and certain other assets.
Organic Remedies is part of the state’s clinical MMJ research program through a partnership with Philadelphia College of Osteopathic Medicine.
The clinical research license qualifies Organic Remedies to run a vertically integrated operation with up to six dispensaries.
The company currently has three operational dispensaries in Chambersburg, Enola and York, so it will now be expanding to its maximum of six.
Pennsylvania is a fast-growing medical cannabis market projected to reach $400 million-$500 million in sales this year.
The state is expected to legalize an adult-use market within the next year or two, prompted in part by voters in neighboring New Jersey approving a recreational marijuana referendum on Election Day.