AFCG - AFC Gamma Provides Sunburn Cannabis with a Total of $34.0 Million Across Senior Secured Credit Facilities | Benzinga
WEST PALM BEACH, Fla., March 26, 2024 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) ("AFC Gamma" or the "Company") today announced that it 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"), a private, vertically integrated, single-state Florida operator. 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 dispensary1," 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 ...