AFC Gamma, Inc. (NASDAQ:AFCG) (“AFC Gamma”) today announced it has funded $50 million of a $120 million credit facility tranche to Verano Holdings Corp. (CSE:VRNO) (OTCQX:VRNOF) (“Verano”), a leading multi-state operator with active operations in 11 states, including 11 production facilities. The credit facility has been increased by a $120 million tranche and is designed to provide Verano with additional capital to execute on its growth plan.
“We believe that Verano is one of the top multi-state Cannabis operators, continually proving its industry leadership through strong execution and meaningful growth, both organically and through strategic acquisitions. Driven by its strong brand recognition, real estate ownership, business execution and experienced management, we believe that Verano is a top-tier credit,” said Leonard M. Tannenbaum, AFC Gamma’s Chief Executive Officer. “We are proud to partner with Verano to catalyze their next phase of growth.”
“We are pleased to expand our relationship with AFC Gamma as a cornerstone lender. We believe our improved cost of capital and ability to attract high-caliber institutional lenders like AFC Gamma is a testament to Verano’s continued growth, performance and position in the marketplace,” said George Archos, Verano Founder and CEO. He added, “We appreciate AFC Gamma’s partnership as we continue to expand and enhance our business.”
With its commitment of an additional $50 million under the new credit facility tranche, AFC Gamma now holds a total of $60 million of Verano’s credit facility.
