FARMACEUTICALRX Closes $34.0 Million In Debt Financing From Chicago Atlantic to Expand its Medical Marijuana Operations in Ohio
CHICAGO and PITTSBURGH, Feb 08, 2022 (GLOBE NEWSWIRE via COMTEX) —
FARMACEUTICALRX, one of the largest producers of premium organic medical marijuana products in the US market, (“FARMACEUTICALRX” or the “Company”), today announced that it has closed a $34 million senior secured term loan (the “Senior Term Loan”) provided by Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic”), a commercial real estate finance company, and other institutional lenders.
The Senior Term Loan proceeds will be used to complete the funding of the Company’s Ohio Level 1 cultivation and post-harvest facility, repay existing debt, fund equipment purchases, and for general working capital purposes. The Company brings its cultivation and processing methods from the FARMACEUTICALRX of Pennsylvania operations to the 100,000 square foot facility in East Liverpool, Ohio. FARMACEUTICALRX of Ohio currently also operates its FRX Health dispensary in East Liverpool, Ohio.
“This funding allows us to take advantage of the tremendous opportunity in Ohio and to build on the momentum and market-leading position we developed in Pennsylvania,” said Rebecca Myers, CEO and Founder of FARMACEUTICALRX. “We continue to believe Ohio is a very attractive limited license state and the right market for us. We are…
Original Author Link click here to read complete story..
FARMACEUTICALRX Closes $34.0 Million In Debt Financing From Chicago Atlantic to Expand its Medical Marijuana Operations in Ohio
CHICAGO and PITTSBURGH, Feb 08, 2022 (GLOBE NEWSWIRE via COMTEX) —
FARMACEUTICALRX, one of the largest producers of premium organic medical marijuana products in the US market, (“FARMACEUTICALRX” or the “Company”), today announced that it has closed a $34 million senior secured term loan (the “Senior Term Loan”) provided by Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic”), a commercial real estate finance company, and other institutional lenders.
The Senior Term Loan proceeds will be used to complete the funding of the Company’s Ohio Level 1 cultivation and post-harvest facility, repay existing debt, fund equipment purchases, and for general working capital purposes. The Company brings its cultivation and processing methods from the FARMACEUTICALRX of Pennsylvania operations to the 100,000 square foot facility in East Liverpool, Ohio. FARMACEUTICALRX of Ohio currently also operates its FRX Health dispensary in East Liverpool, Ohio.
“This funding allows us to take advantage of the tremendous opportunity in Ohio and to build on the momentum and market-leading position we developed in Pennsylvania,” said Rebecca Myers, CEO and Founder of FARMACEUTICALRX. “We continue to believe Ohio is a very attractive limited license state and the right market for us. We are…
