Marijuana multistate operator Verano Holdings refinanced its existing $350 million credit facility from cannabis industry real estate lender Chicago Atlantic.
Verano originally signed the credit facility in July 2020, and a regulatory filing shows it has been amended multiple times.
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According to a Thursday news release, the senior secured loan now matures in October 2026 and carries a floating annual interest rate, currently at 12.75%.
Subject to conditions, the refinanced credit facility lets Chicago-based Verano “secure additional future indebtedness of up to $270 million,” including:
$120 million in third-party mortgages secured against real estate. A $100 million accordion “to be funded at the option of the existing lenders.” “A $50 million third-party revolving credit facility upon the passage of cannabis banking legislation.”
George Archos, Verano’s CEO, chair and founder, is one of the lenders.
“The ability to incur an additional $120 million in indebtedness secured
Read full article on Marijuana Business Daily
