Marijuana multistate operator Standard Wellness Holdings has secured a $10 million credit facility.
The 10-year term loan, which amortizes over 20 years with a 9.25% interest rate, will support the Ohio-based company’s growth and operational expansion, according to a news release.
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The loan also allowed Standard Wellness to repay some higher-cost debt that carries a 13.5% interest rate and matures in the third quarter of 2026.
New York-headquartered Gramercy Capital Group served as the financial adviser for the deal, and Washington, D.C.-based Dentons US acted as legal counsel.
“This new financing partnership underscores our financial partners’ confidence in our business model and growth trajectory,” Standard Wellness CEO Jared Maloof said in a statement.
“With this facility, more than 75% of our debt
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