Marijuana multistate operator Normal Wellness Holdings has obtained a $14 million senior secured credit score line from Superior Flower Capital to refinance current debt.
In keeping with a Thursday information launch, the Ohio-based MSO’s debt reimbursement will embody totally assembly its obligation with New York-headquartered FocusGrowth Capital Companions in addition to the early fee of a vendor be aware The Cannabist Co. for the 2024 acquisition of a medical marijuana dispensary in Springville, Utah.
The operator additionally stated it should use the financing for a dispensary acquisition in St. Louis.
The brand new credit score line via Superior Flower Capital, a industrial mortgage hashish actual property funding belief primarily based in West Palm Seaside, Florida, bears an rate of interest at 12.5%.
“This credit score facility permits us to streamline our debt construction, remove legacy obligations, and put money into strategic acquisitions, together with a brand new dispensary license in Saint Louis, a key element of the corporate’s long-term technique,” Normal Wellness CEO Jared Maloof stated in a press release.
“This transaction strengthens our steadiness sheet and offers the capital essential to execute our progress technique and develop our footprint in key markets.”
Normal Wellness stated in December it had secured a $10 million credit score line from an undisclosed financier.
The corporate stated it deliberate to make use of that financing to repay some higher-cost debt that carries a 13.5% rate of interest and matures within the third quarter of 2026.
In reference to the Superior Flower Capital transaction, Gramercy Capital Group, via INTE Securities, served as monetary adviser, and Feuerstein Kulick as authorized counsel. The latter three entities are all primarily based in New York.
