Friday, February 3, 2023
HomeMarketPot producer Trulieve secures $71.5 million commercial loan

Pot producer Trulieve secures $71.5 million commercial loan

- Advertisement -

U.S. multistate cannabis producer Trulieve Cannabis Corp.
TCNNF,
-1.55%
on Wednesday said it closed on $71.5 million in financing – in the form of a five-year loan secured by a Florida cultivation and manufacturing site. Trulieve will pay an interest rate of 7.53% on the loan. The lenders were three banks, and Valley National Bank was the lead agent. Trulieve said it would use the proceeds for general business operations. “We are pleased to announce this non-dilutive financing at industry leading terms, particularly given the current macroeconomic backdrop,” Trulieve Chief Kim Rivers said in a statement. “This loan provides Trulieve greater flexibility as we focus on improving cash flow in 2023.” John Meyer, senior vice president of commercial lending at Valley Bank, said “Valley has a wide array of innovative financial solutions to serve every industry, including cannabis-related businesses like Trulieve.” With federal prohibition still in place, U.S. cannabis operators have faced many restrictions to banking access, and funding that has often been on onerous terms. Shares of Trulieve were down around 1%.

Credit: marketwatch.com

RELATED ARTICLES
- Advertisment -

Most Popular