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.
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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