Business
Marijuana MSO Trulieve closes commercial loans worth $90.4 million
Florida-based marijuana multistate operator Trulieve Cannabis closed on two commercial loans in December worth gross proceeds of $90.4 million, including a five-year arrangement for $71.5 million and a 10-year loan worth $18.9 million.
The larger, five-year loan carries a 7.53% interest rate and is secured against a Florida cultivation and manufacturing facility, according to a news release.
The money was lent by three banks, with Valley National Bank as the lead agent.
The smaller, longer-term loan carries a 7.3% interest rate for the first five years, followed by a rate equivalent to the five-year treasury rate plus 3.5% for the remainder.
Trulieve “may prepay the loan with cash from operations with no prepayment penalties at any time,” according to another release.
The $18.9 million loan, from an unspecified lender, is secured against a Trulieve cultivation and manufacturing facility in West Virginia.
The MSO said it plans to use the net proceeds of both loans for general corporate purposes.
Source: https://mjbizdaily.com/marijuana-mso-trulieve-closes-commercial-loans-worth-90-4-million/