Trulieve Cannabis Corp. TCNNF TRUL closed a commercial loan backed by a Florida cultivation and manufacturing facility for aggregate gross proceeds of $71.5 million. Trulieve pays interest at a fixed interest rate of 7.53% for the duration of five year loan. The lenders consisted of three banks, with Valley National Bank working as lead agent. The Company intends to use the net loan proceeds for general corporate purposes.
“We are pleased to announce this non-dilutive financing at industry-leading terms, especially given the current macro backdrop,” said Trulieve CEO, Kim Rivers. “This loan gives Trulieve more flexibility as we focus on improving cash flow in 2023.”
“We are proud to partner with Trulieve, one of the leaders in the medical and recreational cannabis industry,” he stated John Meyer, senior vice president of commercial lending at Valley Bank. “As one of the country’s leading commercial banks, Valley has a wide range of innovative financial solutions for every industry, including cannabis companies like Trulieve. We believe our relationship-based banking model was a differentiator in structuring this commercial loan at Trulieve and we look forward to supporting them as they continue to grow and expand into new markets.”
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