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Nature's Medicines Secures $42M Via Advanced Flower Credit Facility

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Nature's Medicines Secures $42M Via Advanced Flower Credit Facility

Advanced Flower Capital Management LLC confirmed Thursday that its associate has provided Nature's Medicines with $42 million in financing.

The company's affiliate — which remains undisclosed — will control 76% of the credit facility, while the remaining $10 million will be syndicated to a third party.

Nature's Medicines, a Phoenix-based cannabis cultivator and retailer, will use the funds to boost its footprint in the Arizona and Michigan markets.

The first-lien mortgage loan will be backed by collateral, in particular Nature's Medicines' entirely owned properties and security interests.

"Over the past six months we have worked closely with the management team at Nature's Medicines to promote the presence of the company in the institutional markets and position it as one of the top multi-state operators in the United States," said Advanced Flower CEO Leonard Tannenbaum.

Tannenbaum is slated to speak at Benzinga's Virtual Cannabis Capital Conference on June 1.

"We are excited to partner with Nature's Medicines to help catalyze the next phase of the company's growth, building upon its existing strong operations."

Nature's Medicines operates in four other states: Connecticut, Massachusetts, Maryland, and Pennsylvania.

Last week, the company soft-opened a new retail store in Glendale, Arizona, spanning 6,000 square feet.

Nature's Medicines CEO Jigar Patel is pleased to have Advanced Flower Capital as their partner.

"We were very impressed with AFC's cannabis-industry expertise, along with their flexibility in tailoring a solution that met our needs. We look forward to working together with AFC in achieving our objectives," Patel said.

Courtesy photo.

 

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