Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber

Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber

US (FL): Sunburn Cannabis secures $34M debt capital to expand operations

AFC Gamma has provided a total of $34.0 million in debt capital across two senior secured credit facilities to High End Holdings, LLC and Green Sentry Holdings, LLC d/b/a Sunburn Cannabis. Sunburn intends to use the proceeds from the credit facilities to refinance existing debt, provide working capital, and build additional cultivation and processing facilities and new retail dispensaries in its business plan.

"Since entering the Florida market in 2022, Sunburn has continually increased its market share ranking in the top 5 of Florida operators year-to-date based on product sold per dispensary," said Daniel Neville, the Company's Chief Executive Officer. "Brady and the Sunburn team are an example of the Cannabis 3.0 lending opportunities that we are excited to finance. This is a team with prior success in the Florida market that knows how to scale and operate in cannabis and is focused on building a true brand. We believe Sunburn is well positioned to continue to take market share in Florida and benefit from the industry's transition to a mainstream consumer packaged goods marketplace."

"On behalf of the Sunburn team, I am pleased to close these credit facilities with AFC Gamma as we look to expand our operations in Florida and beyond. Having a committed capital provider like AFC Gamma, which is led by a CEO who understands the industry and the inflection point that we are facing in both Florida and America, is extremely valuable. This transaction provides us with the opportunity to shore up our balance sheet, responsibly scale up our operations in Florida (with or without recreational use passing), and remain nimble enough to play offense in enhancing Sunburn as we await potential catalyst moments," stated Brady Cobb, CEO of Sunburn.

AFCG will hold the entire $34.0 million across the two credit facilities, which together consist of a first-lien term loan secured by all assets of Sunburn. AFC Agent LLC served as Agent for this transaction.

For more information:
Advanced Flower Capital
Robyn Tannenbaum
Tel.: 561-510-2293
[email protected]
afcgamma.com

Publication date: