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Alternative Finance Network Arranges $10MM Revolving Credit Facility For Tilt Holdings

August 03, 2021, 07:24 AM
Filed Under: Cannabis

Alternative Finance Network (AFN), an independent financing network serving cannabis and hemp companies in the United States and Canada, arranged a $10 million revolving credit facility for Jupiter Research, LLC ("Jupiter"), a subsidiary of TILT Holdings Inc.

TILT now has access to low rates for cannabis financing at prime plus 3.5 percent and this facility is secured with accounts receivable, inventory and related property from Jupiter. With this credit facility, TILT is leading the way for the cannabis industry to start receiving rates that are more in-line with what non-cannabis commercial businesses experience. The proceeds will be used for general corporate purposes and capital projects. The line has a two-year term and will continue for additional one-year terms unless ended by either party.

"This transaction demonstrates our ability to assist leading cannabis companies in their search for working capital by using our network of cannabis-friendly funding sources to bring together borrowers and lenders," said Scott Jordan, founder of Colorado-based Alternative Finance Network. "Without this expansive network, it would have been difficult for this transaction to have occurred."

"TAFN has been a knowledgable and trusted partner in this process, and we were grateful to work with them on this credit facility," said Gary Santo, CEO of TILT. "This transaction had its challenges given the nature of our industry, but TAFN's perseverance and tenacity led us to a successful outcome. We look forward to the opportunity to work with them again in the future."

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