Florida-based multistate operator Trulieve Cannabis secured a $25 million loan and hired a new chief financial officer.
The commercial loan was secured against a Florida cultivation site, according to digital publication Financial Regulation News.
Trulieve will repay the loan over five years at an interest rate of 8.31%.
Two banks will provide the loan, which will be used for “general corporate purposes,” Financial Regulation News reported.
First Federal Bank is the lead agent.
The $25 million loan comes after Trulieve’s November announcement that it plans to redeem all of its outstanding 9.75% senior secured notes with a principal worth $130 million,
Meanwhile, the company said in a news release it appointed Wes Getman as chief financial officer effective Jan. 1.
Getman has worked in accounting and finance for 25 years at companies such as Blue Bird Corp., Grant Thornton and PricewaterhouseCoopers, according to the release.
Before his move to Trulieve, Getman was a partner at business management consultancy WilliamsMarston, according to regulatory filings.
“We had the opportunity to work with Wes for several months in an advisory capacity before welcoming him to our executive leadership team,” Trulieve CEO Kim Rivers said in a statement.
“His experience building successful teams in high growth environments is a perfect match for Trulieve.”
With Getman on board, interim CFO Ryan Blust will return to his role as vice president, finance.
Blust was handed the interim role in July after Tim Mullany resigned as CFO after only 10 days on the job.
Mullany had been hired to replace Alex D’Amico, who stepped down as CFO in June after three years with the company.
Trulieve alleged in its August quarterly earnings report that D’Amico wrongly expensed $350,000-$400,000 during his tenure.
At the time, the company was evaluating its options in regard to the allegations.
However, Trulieve has provided no updates on the situation.