Marijuana multistate operator Ayr Wellness is increasing by $8.4 million the size of an existing mortgage on a cultivation facility in Gainesville, Florida.
The principal on the mortgage is now $48.4 million, Ayr said in a late Tuesday news release.
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“Proceeds will be used to invest further in the facility and the company’s Florida business, as well as for general working capital purposes,” Ayr noted in its release.
The other terms of the mortgage are unchanged. The loan matures in 2033.
Ayr Chief Financial Officer Brad Asher said in a statement that the increased mortgage “further strengthens our balance sheet with additional capital at competitive rates and longer-term maturity.”
“We believe the growth opportunity in Florida is greater than any other market
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