Trulieve Cannabis Corp. announced the closing of a commercial loan secured by a cultivation and manufacturing site in Florida for aggregate gross proceeds of $71.5 million. Trulieve will pay interest at a fixed rate of 7.53% for the duration of the five-year loan. Lenders were comprised of three banks, with Valley National Bank serving as the lead agent. The Company intends to use the net loan proceeds for general corporate purposes.
"We are pleased to announce this non-dilutive financing at industry-leading terms, particularly given the current macroeconomic backdrop," said Trulieve Chief Executive Officer Kim Rivers. "This loan provides Trulieve greater flexibility as we focus on improving cash flow in 2023."
"We're proud to partner with Trulieve, one of the leading providers in the medical and recreational cannabis industry," remarked John Meyer, Senior Vice President of Commercial Lending at Valley Bank. "As one of the premier commercial banks in the country, Valley has a wide array of innovative financial solutions to serve every industry, including cannabis-related businesses like Trulieve. We believe our relationship-based banking model was a differentiator in structuring this commercial loan with Trulieve, and we're excited to support them as they continue to grow and expand into new markets."
For more information:
Trulieve Cannabis Corp.
www.trulieve.com