# Vireo Secures $60m Cannabis Facility Financing

> Vireo Growth Inc. gets $60m loan for New York and Florida cannabis facilities.
- Title: Vireo Secures $60m Cannabis Facility Financing · Financialpost
- Summary: Vireo Growth Inc. gets $60m loan for New York and Florida cannabis facilities. Vireo Growth Inc. secured $60 million financing for cannabis cultivation…
- Keywords: vireo growth, cannabis cultivation, new york, florida, cannabis facility, financing, real estate, cannabis company, money, business, Vireo, Secures
- Source: Financialpost — https://financialpost.com/globe-newswire/vireo-growth-inc-announces-financing-for-new-york-and-florida-cultivation-facility
- Read time: 1 min
- Topics: vireo growth, cannabis cultivation, new york, florida, cannabis facility, financing, real estate, cannabis company, money, business
## 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.
## Key takeaway

Vireo Growth Inc. secured $60 million financing for cannabis cultivation facilities in New York and Florida to refinance debt and acquire property.