AFC Gamma, a real estate investment trust announced they raised $80 million, coupled with a $40 million credit line. The trust was set up to give the Firm approximately $120 million to lend to marijuana businesses. According to a company news release, more than 20 large family offices participated in the equity raise. It was AFC Gamma’s first close of a $200 million investment vehicle. Amid the coronavirus pandemic, the REIT’s extra funding could prove valuable for an industry dealing with banking and funding issues. According to the same news release, AFC Gamma has already provided debt financing for five cannabis companies, including retailers, cultivators, and processors. The company said it has funded about $50 million in six transactions involving five marijuana borrowers and has committed approximately an additional $30 million to its existing borrowers and to two new loans.
Marijuana Business Daily, 08/17/2020 13:41:20