AFC Gamma Expands Existing Senior Secured Credit Facility With Devi Holdings, Inc. By $ 30 Million
- Support the continued growth of the existing borrower;
- AFC Gamma signs $ 62.5 million under the extended credit facility
WEST PALM BEACH, Fla., Sept. 13, 2021 (GLOBE NEWSWIRE) – AFC Gamma, Inc. (NASDAQ: AFCG) (“AFC Gamma”) announced today that it has acquired $ 30 million of its senior loan facility to Devi Holdings Inc . has expanded. , who operates as Nature’s Medicines, a multi-state operator headquartered in Phoenix, Arizona. The facility is designed to provide additional capital to Nature’s Medicines to complete strategic acquisitions and expand existing operations.
At AFC Gamma, we seek long-term relationships and work closely with our borrowers as they grow their business. Today’s announcement is a continuation of our longstanding partnership with Nature’s Medicine, a leading multi-state operator that has grown in numerous markets.
Leonard M. Tannenbaum, CEO of AFC Gamma
Tannenbaum added, “With favorable supply and demand bases in its operating and target markets, we believe Nature’s Medicines is poised for further growth and that our continued partnership will help it achieve its strategic goals and realize these significant opportunities.”
AFC Gamma has been providing crucial support in streamlining our capital structure and continuing our growth initiatives since May 2020. In the ever-changing cannabis industry, it has been invaluable to have such a supportive and flexible lender that allows us to focus solely on executing our strategic business plan.
Jigar Patel, Nature’s Medicines Chief Executive Officer
As we continue to grow Nature’s Medicines into a leading multi-state operator, we look forward to continued support and partnership from AFC Gamma in the years to come.
AFC Gamma has committed an additional $ 20 million as part of the facility expansion and now holds a total of $ 62.5 million of the expanded credit facility, and $ 10 million of the expansion has been syndicated to an affiliate. The loan is secured by a senior mortgage on all Nature’s Medicines owned real estate and other commercial securities. AFC Management, LLC acted as lead agent for the transaction.
About AFC Gamma, Inc.
AFC Gamma, Inc. (NASDAQ: AFCG) is an institutional lender to leading cannabis companies with strong businesses and cash flow prospects, property security and other collateral, and locations in states with favorable supply / demand and regulatory frameworks. AFC Gamma’s platform offers innovative and tailor-made financing solutions through real estate liens, mortgage loans, building loans and bridge financing. The company’s senior management team has combined investment management and disciplined credit investing experience spanning a range of economic cycles for around 100 years.
About Devi Holdings, Inc.
Nature’s Medicines believes in the restorative power of cannabis. As a company, it aims to help patients understand the therapeutic value of cannabis. Nature’s Medicines prides itself on a thoughtful and passionate approach to creating high quality cannabis products that are accessible to an ever-growing customer base. Nature’s Medicines, which operates cultivation and dispensing facilities in Arizona, Maryland, Michigan, Missouri, Pennsylvania, and Massachusetts, is a minority and family company committed to providing affordable products and investments to the communities in which it operates.
Original press release
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afc, afc gamma, AFCG, Arizona, Devi Holdings, Maryland, Massachusetts, Michigan, Missouri, Natural Remedies, Pennsylvania