Marijuana multistate operator MariMed closed a $35 million secured credit facility to complete expansion projects in multiple states and pay off notes from a previous acquisition.
Norwood, Massachusetts-based MariMed said Chicago Atlantic Advisors was the lead lender, with participation from Silver Spike Investment Corp.
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The credit facility matures in three years but could be extended to five years under unspecified conditions, according to a MariMed news release issued Tuesday night.
The credit facility carries a floating interest rate based on prime plus 5.75%, with 30% warrant coverage.
MariMed said it borrowed $30 million at close and can borrow an additional $5 million over the next six months.
According to the release, “Funds will be used for completing the build-out of a new cultivation and processing facility in Illinois and a new processing kitchen in Missouri, expanding existing cultivation and processing facilities in Massachusetts and Maryland,
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