Fund ing follows previously-announced intention to draw US$100 million under existing credit agreement , providing Verano with flexibility to drive internal expansion efforts and near- and long-term growth strategies
March 01, 2022 – Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced it has drawn an additional US$100 million under its existing credit agreement pursuant to a fourth amendment to such credit agreement, to fund expansion and strategic growth initiatives, per its previous announcement on February 1, 2022, at a non-dilutive interest rate of 8.50%. As part of such amendment to its credit agreement, funding for up to an additional US$175 million at a future date was added, which lending commitment is subject to final agreement and conditions with the Company’s lenders. Chicago Atlantic Advisors, LLC (“Chicago Atlantic”) is the lead administrative agent and collateral agent, with participation from AFC Gamma, Inc. (“AFC Gamma”).
Verano is a leading, vertically integrated, multi-state cannabis operator in the U.S., devoted to the ongoing improvement of communal wellness by providing responsible access to regulated cannabis products. With a mission to address vital health and wellness needs, Verano produces a comprehensive suite of premium, innovative cannabis products sold under its trusted portfolio of consumer brands, including Verano™, Avexia™, Encore™, and MÜV™. Verano’s portfolio encompasses 15 U.S. states, with active operations in 12, including 12 production facilities comprising over 1,000,000 square feet of cultivation capacity. Verano designs, builds, and operates dispensaries under retail brands including Zen Leaf™ and MÜV™, delivering a superior cannabis shopping experience in both medical and adult-use markets. Learn more at www.verano.com.
About Chicago Atlantic and Green Ivy Capital , LLC
Chicago Atlantic Advisers, LLC is an asset management firm specializing in direct lending and opportunistic private credit investing. Founded in 2018 by Tony Cappell, John Mazarakis, and Andreas Bodmeier, the firm seeks to capitalize on North American investment opportunities that are time-sensitive, complex, or in dislocated markets, where risk is fundamentally mispriced. Through its affiliate Green Ivy Capital, LLC, the firm manages a diversified portfolio of credit investments in the cannabis space and is actively investing across the value chain.
About AFC Gamma, Inc.
AFC Gamma (NASDAQ: AFCG) is a commercial real estate finance company that provides a range of lending solutions to established operators in the cannabis industry. AFC Gamma originates, structures and underwrites senior secured loans and other types of loan solutions in states that have legalized medicinal and/or adult use cannabis. AFC Gamma’s senior management team has over 100 years of combined experience in investment management and disciplined credit investing across a range of economic cycles.