Advanced Flower Capital Provides $42 Million Secured Credit Facility to Nature’s Medicines
June 1st, 2020
WEST PALM BEACH, Fla., May 28, 2020 /PRNewswire/ — Advanced Flower Capital Management, LLC (“AFC”) announced today that an affiliate of the company has arranged for a $42 million credit facility for Nature’s Medicines. The credit facility is designed to streamline Nature’s Medicines’ capital structure and support its expansion initiatives, which include growth in its home state of Arizona and significant expansion into the Michigan market. The AFC affiliate will hold $32 million of the credit facility, with the remaining $10 million syndicated to a third party. The financing facility consists of a first-lien term loan that can be drawn upon over the course of a one-year period. The loan will be secured by first-lien mortgages on Nature’s Medicines’ wholly owned properties and other commercial-security interests. AFC served as Lead Arranger and Administrative Agent for the transaction.
Founded in Arizona in 2013, Nature’s Medicines is a multi-state vertically integrated cultivator and retailer of both medical and adult-recreational-use cannabis across six states: Arizona, Connecticut, Massachusetts, Maryland, Michigan, and Pennsylvania.
“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 Leonard M. Tannenbaum, AFC’s Chief Executive Officer, continuing, “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.”
Jigar Patel, Nature’s Medicines Chief Executive Officer, concurred, adding, “I am very excited to have Advanced Flower Capital as our partner as we continue to expand Nature’s Medicines multi-state presence. 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.”
About Advanced Flower Capital Management, LLC
AFC Management, LLC is an institutional lender to leading cannabis companies with strong operations and cash-flow prospects, real-estate-security and other collateral, and locations in states with favorable supply/demand fundamentals and legislative environments. AFC’s platform provides innovative and customized financing solutions through first-lien loans, mortgage loans, construction loans, equipment loans, and bridge financings. The senior-management team of the company have more than 20 years of experience in disciplined credit investing across a range of economic cycles.
About Nature’s Medicines
Nature’s Medicines is an award-winning vertically integrated cultivator and retailer with locations across the United States. Our mission is to provide patients with professional and compassionate educational and self-care advice concerning the cannabis products we provide.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the company’s current views with respect to, among other things, future events and financial performance. Words such as “believes,” “expects,” “will,” “estimates,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements. New risks and uncertainties arise over time, and it is not possible for the company to predict those events or how they may affect Advanced Flower Capital Management, LLC. Therefore, you should not place undue reliance on these forward-looking statements. The company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Advanced Flower Capital
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