{"id":471552,"date":"2021-04-06T08:03:35","date_gmt":"2021-04-06T12:03:35","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=471552"},"modified":"2021-04-06T08:03:35","modified_gmt":"2021-04-06T12:03:35","slug":"afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/","title":{"rendered":"AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion"},"content":{"rendered":"<h2>\nHighlights AFC Gamma\u2019s Second Transaction to Growing Ohio Medical Marijuana Market<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"left\">WEST PALM BEACH, Fla., April  06, 2021  (GLOBE NEWSWIRE) &#8212; AFC Gamma, Inc. (NASDAQ:AFCG) (\u201cAFC\u201d) today announced it has provided a credit facility of up to $21 million for FarmaceuticalRX LLC (\u201cFarmRX\u201d, the \u201cCompany\u201d, or the \u201cBorrower\u201d). The credit facility is designed to provide capital to allow FarmRX to purchase and complete the build out of its +\/-120,000 square foot Class 1 cultivation and processing facility and acquire the building housing its nearby dispensary operations in East Liverpool, Ohio.<\/p>\n<p>\u201cWe are excited to support FarmaceuticalRX, an experienced operator in Pennsylvania as it expands into Ohio, a state that has favorable supply and demand dynamics and significant growth prospects,\u201d said Leonard M. Tannenbaum, AFC\u2019s Chief Executive Officer. \u201cWe believe this partnership will serve as the catalyst for FarmRX\u2019s next phase of growth.\u201d<\/p>\n<p>Rebecca Meyers, FarmRX\u2019s Chief Executive Officer, added, \u201cI am thrilled to partner with AFC Gamma as we build out FarmRX\u2019s presence in Ohio. AFC provided us with industry expertise and a tailored solution that met our needs, providing seamless execution in a timely manner.\u201d<\/p>\n<p>AFC will hold up to $21 million of the credit facility, which consists of a first-lien term loan that can be drawn upon over the course of a one-year period. The loan will be secured by first-lien mortgages on FarmRX\u2019s wholly owned real estate properties and other commercial-security interests. AFC Management, LLC served as Lead Arranger and Administrative Agent for the transaction.<\/p>\n<p>Based in East Liverpool, Ohio, FarmRX currently has one dispensary license, one provisional Class 1 cultivation license, and one provisional processing license in the state.\u00a0FarmRX\u2019s dispensary is currently operational and it is in the process of building out its cultivation and processing operations, with a sister company having existing cultivation operations in Pennsylvania.<\/p>\n<p>Ohio legalized the use of medical marijuana in 2016, with sales launching in 2019.\u00a0\u00a0 In 2021, sales from dispensaries are projected to reach $425 million, nearly doubling 2020 sales of $221.5 million<sup>1<\/sup>. Sales are expected to top $500 million by 2022 or 2023. As of March 19, 2021, the number of registered patients in the state was over 175,000.<\/p>\n<p>\n        <em>About AFC Gamma, Inc.<\/em>\n      <\/p>\n<p>AFC Gamma, Inc. (NASDAQ:AFCG) is an institutional lender to leading cannabis companies with strong operations and cash-flow prospects, real-estate-security and other collateral, and locations in states with favorable supply\/demand fundamentals and legislative environments. AFC\u2019s platform provides innovative and customized financing solutions through first-lien loans, mortgage loans, construction loans and bridge financings. The senior-management team of the company has a combined approximately 100 years of experience in investment management and disciplined credit investing across a range of economic cycles.<\/p>\n<p>\n        <em>About FarmaceuticalRX <\/em>\n      <\/p>\n<p>FarmaceuticalRX LLC 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. develops premier high-quality craft and innovative organic products under its existing FarmaceuticalRX brand. The Company\u2019s Burst of Wellness brand combines the quality that FARMACEUTICALRX is known for, at a lower price point, with the goal of expanding the Company\u2019s 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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=14IHzAkKa05jf1-Rg8A7S51XuV5y_4Br2EG1HMOCkdIkXFFpyPaGKHQuuw95dYztKoGcy84-gKCUMz5b0Nftx38KIxVh2bsYz0Dmyea5_g8=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.farmaceuticalrx.com<\/a>.<\/p>\n<p>\n        <em>Forward-Looking Statements <\/em>\n      <\/p>\n<p>This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the company\u2019s current views and projections with respect to, among other things, future events and financial performance.\u00a0 All statements other than historical facts, including, without limitation, statements regarding FarmRX\u2019s intended buildout and the projected sales of medical marijuana in Ohio are forward-looking statements. Words such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201cwill,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cguidance,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201canticipates,\u201d and \u201cfuture\u201d or similar expressions are intended to identify forward-looking statements.\u00a0 These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results.\u00a0 Certain factors, including the borrower failing to complete the construction described above, an unfavorable change in the regulations of the cannabis industry and other important risks and uncertainties discussed under the caption \u201cRisk Factors\u201d in our final prospectus filed with the U.S. Securities Exchange Commission on March 19, 2021, relating to the company\u2019s Registration Statement on Form S-11, as amended (File No. 333-251762), could cause actual results and performance to differ materially from those projected in these forward-looking statements.\u00a0 New risks and uncertainties arise over time, and it is not possible for the company to predict those events or how they may affect AFC Gamma, Inc. Therefore, you should not place undue reliance on these forward-looking statements.\u00a0 The company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.<\/p>\n<p>AFC GAMMA INVESTOR CONTACT:<\/p>\n<p>Robyn Tannenbaum<br \/>561-510-2293 <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=3f81NyMva9c_1CpqG-RO88IScb1PBO2tyZxqExjFIj5lF820WBPnF-MPJxEnb54Ms3ZJSWSzmF3wv9TE_v9PVWqnx4XcYY_3uRjNX5fgC3JKee2yi0wUBYbsCB3T-3bj\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">ir@advancedflowercapital.com<\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=cuU3Ck42uOHETn9ZbaEDrQc_6nrKR_LKrf7VglCrbnMUih9n3KiTieR_biqUoBsGfJDSyvjXN7NQvUB74ObBVA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.afcgamma.com<\/a><\/p>\n<p>AFC GAMMA MEDIA CONTACT:<\/p>\n<p>Jim Golden \/ Scott Bisang \/ Jack Kelleher<br \/>Joele Frank, Wilkinson Brimmer Katcher<br \/>212-355-4449<\/p>\n<p>COMPANY CONTACT:<\/p>\n<p>Terence Lin<br \/>Director of Strategic Finance, FarmaceuticalRX<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=AIKgU72NJa2sjvRPCQHMpo-g10rBCK7W_h4-v-b75Yl-C0Gy5uMiynMwQM7kLcJuYGl6mZfcfrJeON1Yvv1FXyoJhrRCHKtKgcOL1OyQ_ak=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">tlin@farmaceuticalrx.com<\/a><\/p>\n<p>\n        <sup>1<\/sup>\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=rTQpYP5NVxeuAmvsYbsPNto9lFebs9k9BrBN6NIjPjLaT2vx18oReWCbNR-FoNS8H3mD-k3yuxXq0Y__l-Emtyq9skh8uDzsxR17MPLyeDLQyrnt-S7H0_g7R4PldjqFZ6kxSOShZP2NTNPHSjUYlkXI2iFUE0WPDO2-0BwMZlFQRME4r0RFrgXVE6FZ7-ZbYP-HDor0bIkgobzH1UGRr4XhtMxu-qO-K0KayqbpuXjgPs5VM3tHfP3nRhjceer5eXPHKAFB3X8knwc9ajeMnQ==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Ohio\u2019s growing medical marijuana market poised to reach $400 million in sales a year<\/a> (Marijuana Business Daily, March 29, 2021)<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxMTY3NSM0MTA2MzU0IzIyMDU3NTU=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/8a09ab36-ce0e-44e8-9bea-28a6bce52d70\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Highlights AFC Gamma\u2019s Second Transaction to Growing Ohio Medical Marijuana Market WEST PALM BEACH, Fla., April 06, 2021 (GLOBE NEWSWIRE) &#8212; AFC Gamma, Inc. (NASDAQ:AFCG) (\u201cAFC\u201d) today announced it has provided a credit facility of up to $21 million for FarmaceuticalRX LLC (\u201cFarmRX\u201d, the \u201cCompany\u201d, or the \u201cBorrower\u201d). The credit facility is designed to provide capital to allow FarmRX to purchase and complete the build out of its +\/-120,000 square foot Class 1 cultivation and processing facility and acquire the building housing its nearby dispensary operations in East Liverpool, Ohio. \u201cWe are excited to support FarmaceuticalRX, an experienced operator in Pennsylvania as it expands into Ohio, a state that has favorable supply and demand dynamics and significant growth prospects,\u201d said &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-471552","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Highlights AFC Gamma\u2019s Second Transaction to Growing Ohio Medical Marijuana Market WEST PALM BEACH, Fla., April 06, 2021 (GLOBE NEWSWIRE) &#8212; AFC Gamma, Inc. (NASDAQ:AFCG) (\u201cAFC\u201d) today announced it has provided a credit facility of up to $21 million for FarmaceuticalRX LLC (\u201cFarmRX\u201d, the \u201cCompany\u201d, or the \u201cBorrower\u201d). The credit facility is designed to provide capital to allow FarmRX to purchase and complete the build out of its +\/-120,000 square foot Class 1 cultivation and processing facility and acquire the building housing its nearby dispensary operations in East Liverpool, Ohio. \u201cWe are excited to support FarmaceuticalRX, an experienced operator in Pennsylvania as it expands into Ohio, a state that has favorable supply and demand dynamics and significant growth prospects,\u201d said &hellip; Continue reading &quot;AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-06T12:03:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxMTY3NSM0MTA2MzU0IzIyMDU3NTU=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion\",\"datePublished\":\"2021-04-06T12:03:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\\\/\"},\"wordCount\":930,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODIxMTY3NSM0MTA2MzU0IzIyMDU3NTU=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\\\/\",\"name\":\"AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/","og_locale":"en_US","og_type":"article","og_title":"AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion - Market Newsdesk","og_description":"Highlights AFC Gamma\u2019s Second Transaction to Growing Ohio Medical Marijuana Market WEST PALM BEACH, Fla., April 06, 2021 (GLOBE NEWSWIRE) &#8212; AFC Gamma, Inc. (NASDAQ:AFCG) (\u201cAFC\u201d) today announced it has provided a credit facility of up to $21 million for FarmaceuticalRX LLC (\u201cFarmRX\u201d, the \u201cCompany\u201d, or the \u201cBorrower\u201d). The credit facility is designed to provide capital to allow FarmRX to purchase and complete the build out of its +\/-120,000 square foot Class 1 cultivation and processing facility and acquire the building housing its nearby dispensary operations in East Liverpool, Ohio. \u201cWe are excited to support FarmaceuticalRX, an experienced operator in Pennsylvania as it expands into Ohio, a state that has favorable supply and demand dynamics and significant growth prospects,\u201d said &hellip; Continue reading \"AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-06T12:03:35+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxMTY3NSM0MTA2MzU0IzIyMDU3NTU=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion","datePublished":"2021-04-06T12:03:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/"},"wordCount":930,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxMTY3NSM0MTA2MzU0IzIyMDU3NTU=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/afc-gamma-provides-farmaceuticalrx-with-senior-secured-credit-facility-of-up-to-21-million-to-fund-its-ohio-expansion\/","name":"AFC Gamma Provides FarmaceuticalRX with Senior Secured Credit Facility of up to $21 Million to Fund Its Ohio Expansion - 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