Marijuana industry finance company AFC Gamma significantly boosted a loan to Chicago-based Justice Cannabis Co., increasing it from the $22 million figure announced in May to $75.4 million.
Justice Cannabis plans to use the additional capital to further develop cultivation and processing operations in New Jersey and Pennsylvania, purchase assets and refinance existing debt.
Florida-based AFC Gamma committed an additional $43.4 million, and another $10 million was syndicated to an affiliate, according to a news release.
AFC Gamma, Inc. announced it has provided a credit facility of $22 million to Justice Cannabis Co., a Chicago-based multi-state operator with licenses in eight states. The credit facility is designed to provide Justice Cannabis Co. with the capital necessary to purchase and complete the build out of its 72,000 square foot cultivation and processing facility, along with the buildout of a dispensary, both in Ewing, New Jersey.
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.