AFC Gamma Inc. has finalized a first close of $200 million investment vehicle.
The West Palm Beach, Florida-based commercial-mortgage real-estate investment trust, raised equity worth $80 million from more than 20 large family offices.
Furthermore, AFC also has a credit line worth up to $40 million, bringing it to around $120 million, which REIT can lend to cannabis businesses.
"We are continuing to execute on our pipeline of more than $300 million in potential transactions and adding additional employees to our experienced team in West Palm Beach, Florida," Leonard Tannenbaum, REIT's CEO, said Monday.
To date, AFC has been financing five cannabis businesses, with $50 million, through debt financing.
It has also committed around an additional $30 million to current borrowers and two new loan originations.
"Advanced Flower is unique in its combination of cash-flow underwriting, leveraging Len's quarter-century of expertise in this area, and my significant real-estate lending experience," explained Jonathan Kalikow, Head of AFC Gamma Real Estate.
Meanwhile, in May, Nature's Medicines secured $42 million in financing through the credit facility controlled by AFC's associate.
The Phoenix-based cannabis cultivator and retailer agreed to utilize the funds to increase its presence in Arizona and Michigan.
Courtesy photo
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.