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.”
“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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