Cannabis multistate operator MariMed secured a new 10-year loan worth $58.7 million, most of which will be used to refinance existing debt at an unspecified lower interest rate.
MariMed CEO Jon Levine said the refinancing “will generate significant cash savings.”
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“Importantly, we are pleased there is no warrant or other equity component resulting in dilution to our shareholders,” Levine said in a Monday statement.
MariMed described the new 10-year loan as a construction to permanent commercial real estate mortgage from an unidentified U.S. chartered bank.
The company did not disclose the interest rate but said in a news release that it was a “lower fixed rate” that will be reset five years into the loan.
MariMed will make interest-only payments for the first year.
“After the first 12 months, payments will be based on a 20-year amortization schedule,” the Massachusetts-based company said in its release.
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