Pennsylvania-based Organic Remedies plans to build out a 240,000-square-foot cultivation and processing facility in the state and three additional medical marijuana dispensaries thanks to a $22 million raise.
The financing reflects how capital continues to become more plentiful in the marijuana industry after some tight times.
Florida-based Advanced Flower Capital, also known as AFC Gamma, is providing the credit facility, which can be drawn over the course of one year, according to a news release.
The loan is secured by first-lien mortgages on Organic Remedies’ properties and certain other assets.
Organic Remedies is part of the state’s clinical MMJ research program through a partnership with Philadelphia College of Osteopathic Medicine.