FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


AFC Gamma Expands Existing Credit Facility by $30MM for Devi Holdings

September 15, 2021, 07:40 AM
Filed Under: Cannabis
Related: AFC Gamma, Cannabis

AFC Gamma expanded its senior credit facility by $30 million to Devi Holdings Inc., doing business as Nature’s Medicines, a multi-state operator headquartered in Phoenix, Arizona. The credit facility is designed to provide Nature’s Medicines with additional capital to complete strategic acquisitions and further expand its existing business operations.

“At AFC Gamma, we aim to build long-lasting relationships, working closely with our borrowers as they grow their businesses,” said Leonard M. Tannenbaum, AFC Gamma’s Chief Executive Officer. “Today’s announcement is a continuation of our longstanding partnership with Nature’s Medicine, a leading multi-state operator, that has experienced growth across numerous markets. With favorable supply and demand fundamentals across its operating and targeted markets, we believe Nature’s Medicines is poised for additional growth, and that our continued partnership will help it achieve its strategic objectives and realize those significant opportunities.”

“Since May of 2020, AFC Gamma has provided critical support as we streamlined our capital structure and pursued our growth initiatives,” said Jigar Patel, Chief Executive Officer of Nature’s Medicines. He added, “In the ever-changing cannabis industry, it has been invaluable to have such a supportive and flexible lender that allows us to exclusively focus on executing our strategic business plan. As we continue to grow Nature’s Medicines into a leading multi-state operator, we look forward to having the continued support and partnership of AFC Gamma for years to come.”

AFC Gamma has committed an additional $20 million under the expansion to the credit facility, and now holds $62.5 million in total of the expanded credit facility, and $10 million of the expansion was syndicated to an affiliate. The loan is secured by a first-lien mortgage on all of Nature’s Medicines owned real-estate and other commercial-security interests. AFC Management, LLC served as Lead Agent for the transaction.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.