MariMed, Inc. (OTCQX: MRMD), a leading multi-state cannabis operator, announced it closed a $35 million secured credit facility with Chicago Atlantic Advisors, LLC as the lead lender.
"I am delighted to announce the closing of this transformative credit facility (…) MariMed is known for its operational and financial discipline, resulting in one of the strongest balance sheets in the cannabis industry, enabling us to secure this funding," said Jon Levine, MariMed president and interim CEO. "While we are capable of funding our current growth plans with cash flow from operations, the time is right to raise capital and accelerate these plans, which we believe will result in meaningful returns to our shareholders."
What Happened: MariMed closed a $35 million credit facility with a three-year maturity and the ability to extend to a five-year maturity under certain conditions.
- MariMed borrowed $30 million at close and can draw …