From Financialpost · · 1m 10s
Vireo Secures $60m Cannabis Facility Financing
Vireo Growth Inc. gets $60m loan for New York and Florida cannabis facilities.
In brief
Vireo Growth Inc. gets $60m loan for New York and Florida cannabis facilities. Vireo Growth Inc. secured $60 million financing for cannabis cultivation facilities in New York and Florida to refinance debt and acquire property. Originally reported by Financialpost.
Vireo Growth Announces Financing
Vireo Growth Inc. announced a $60 million real estate financing for New York and Florida cannabis cultivation facilities.
Financing Details
The loan uses $49 million to refinance existing debt and $11 million to acquire the Palatka facility.
Palatka Facility Significance
The Palatka facility supports Vireo's Green Dragon operations and is key to Florida expansion.
Lease Transition
Vireo will terminate existing lease with Rainbow and sign new lease with Green Dragon Florida LLC.
Loan Terms
The loan carries 8.5% interest and matures April 2, 2034 with first-priority mortgage on properties.
CFO Statement
CFO Tyson Macdonald called the financing an important milestone with attractive rates for cannabis sector.
Company Background
Vireo operates in 10 states with over 170 dispensaries and focuses on cannabis and agricultural markets.
Loan Security
The loan is secured by mortgage on properties, pledge of membership interests, and security interest in personal property.
Here's the gist
Vireo Growth Inc. secured $60 million financing for cannabis cultivation facilities in New York and Florida to refinance debt and acquire property.
