FARMACEUTICALRX Closes Up To $21.0 Million In Debt Financing From AFC Gamma to Expand Medical Marijuana Operations in Ohio
This article was originally posted in Market Watch PITTSBURGH, April 6, 2021 /PRNewswire/ — FARMACEUTICALRX, the leading natural and organic multistate vertically integrated medical marijuana operator in the United States (“FARMACEUTICALRX” or the “Company”), today announced that it has closed an up to $21 million senior secured term loan (the “Senior Term Loan”) with AFC Gamma, Inc. (NASDAQ: AFCG) (“AFC”).
The Senior Term Loan proceeds will be used to fund construction of the Company’s processing and Level 1 cultivation facility in Ohio and for general working capital purposes. Upon certification of operations at the new facility, FARMACEUTICALRX’s Ohio operations will be vertically integrated. The Company will bring world-class cultivation and processing methods from the FARMACEUTICALRX of Pennsylvania operations to the new 100,000 square foot facility in East Liverpool, Ohio. The Company currently operates a highly rated dispensary in East Liverpool.
“We have secured funding 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 expand strategically. Ohio is a very attractive limited license state and the right market for us. This financing with AFC reflects the confidence lenders have in the strong growth, cash flow generation and profitability that FARMACEUTICALRX has demonstrated. AFC understands our vision and the ability of our team to replicate its success in other markets and states. We are excited to partner with the AFC Team. We are continuing our commitment to innovation, to cultivating and producing premier high quality organic and craft medical marijuana products for our loyal customers, and to being disciplined stewards of capital for our shareholders,” stated Myers.
FARMACEUTICALRX is the leading natural and organic multistate vertically integrated medical marijuana operator in the United States. FARMACEUTICALRX is focused on bringing research and development-based innovation to the medical marijuana sector. FARMACEUTICALRX develops premier high-quality craft and innovative organic products under its existing FARMACEUTICALRX brand. The Company’s Burst of Wellness brand combines the quality that FARMACEUTICALRX is known for, at a lower price point, with the goal of expanding the Company’s reach to a broader demographic of patients. The FARMACEUTICALRX affiliated companies are licensed to offer premier high quality medical marijuana products to more than 26 million patients in Ohio and Pennsylvania. FARMACEUTICALRX is led by a world-class team of scientists, healthcare, organic food and beverage and cannabis industry professionals who are driven by the discovery, development, and manufacturing of revolutionary, high quality natural and organic products through its vertically integrated platform. Our innovation is your future health. Learn more at www.farmaceuticalrx.com.
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Words such as “expects”, “continue”, “will”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company’s current projections and expectations about future events and financial trends that management believes might affect its financial condition, results of operations, business strategy and financial needs, and on certain assumptions and analysis made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.