NEWS BRIEF

Pennsylvania medical cannabis operator raises $22M for expansion

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.

Florida-based Advanced Flower Capital, also known as AFC Gamma, is providing the credit facility, which can be drawn over the course of one year, according to a news release.

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.

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One comment on “Pennsylvania medical cannabis operator raises $22M for expansion
  1. Ben ligeri on

    Right outside of Pittsburgh South and Washington County the best place to grow we can do it indoors hydroponically is already 100,000 ft.² under cover…als Processing it indoors we already have a facility

    Reply

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