Trulieve Cannabis Corp. TRUL TCNNF announced the closing of a commercial loan secured by a cultivation and manufacturing facility located in West Virginia for aggregate gross proceeds of $18.9 million. Trulieve will pay interest at a fixed rate of 7.3% for the first five years of the ten-year loan. After five years, the rate resets at five-year Treasury plus 3.5% for the remainder of the loan. The company may prepay the loan with cash from operations with no prepayment penalties at any time. The company intends to use the net loan proceeds for general corporate purposes.
"We are pleased to announce our second non-dilutive financing this month," stated Trulieve chief executive officer, Kim Rivers. "This financing at attractive terms further bolsters our cash position as we enter 2023."
About Trulieve
Trulieve is a vertically integrated cannabis company and multi-state operator in the U.S., with established hubs in the Northeast, Southeast, and Southwest, anchored by market positions in Arizona, Florida, and Pennsylvania.
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Photo by Mackenzie Marco on Unsplash
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