Cannabis REIT Chicago Atlantic Loans $34 Million to Ohio Operator FARMACEUTICALRX – New Cannabis Ventures

FARMACEUTICALRX completes $34.0 million debt financing from Chicago Atlantic to expand its medical marijuana operations in Ohio

CHICAGO and PITTSBURGH, Feb. 08 2022 (GLOBE NEWSWIRE) – FARMACEUTICALRX, one of the largest producers of premium organic medical marijuana products in the U.S. market, (“FARMACEUTICALRX” or the “Company”), today announced that it has closed a $34 million Senior Secured Term Loan (the “Senior Term Loan”) provided by Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic”), a financial commercial real estate, and other institutional lenders.

Proceeds from the principal term loan will be used to supplement financing for the Ohio Tier 1 cultivation and post-harvest facility, repay existing debt, finance equipment purchases and for general fundraising purposes. rolling. The company is bringing its cultivation and processing methods from Pennsylvania’s FARMACEUTICALRX operations to the 100,000 square foot facility in East Liverpool, Ohio. FARMACEUTICALRX of Ohio also currently operates its FRX Health dispensary in East Liverpool, Ohio.

This funding allows us to take advantage of the tremendous opportunity in Ohio and leverage the momentum and leadership position we have developed in Pennsylvania. We continue to believe that Ohio is a very attractive and cheap limited license state for us.

Rebecca Myers, CEO and Founder of FARMACEUTICALRX

We are delighted to partner with the Chicago Atlantic team who believe in our strong cash flow generation and revenue and profitability prospects.

“We are committed to cultivating and producing premium quality organic and artisanal medical marijuana products for our loyal customers and to being disciplined stewards of capital for our shareholders,” Myers said.

Chicago Atlantic is thrilled to partner with FARMACEUTICALRX in Ohio on the completion of their 100,000 square foot Level 1 cultivation facility which will create additional jobs in East Liverpool, Ohio. We look forward to contributing to the current and future growth of the company.

John Mazarakis, Executive Chairman of Chicago Atlantic

Rebecca and her team are strongly committed to bringing differentiated, quality, organic products to the Ohio market and are prime examples of the management teams and organizations that Chicago Atlantic seeks to partner with.

ABOUT FARMACEUTICALRX.

FARMACEUTICALRX is the premier producer of premium organic medical marijuana products and the only vertically integrated, multi-state producer of premium organic medical marijuana products in the US market. FARMACEUTICALRX is focused on bringing research and development based innovation to the medical marijuana industry. FARMACEUTICALRX develops premium organic medical marijuana products under its existing FARMACEUTICALRX brand. The Company’s sub-brand product line includes Burst of Wellness Vape products, TreePharm Vape and RSO products, local edible chocolates and Open Mind organic, vegan and gluten-free gummies. Our sub-branded product line combines the premium quality that FARMACEUTICALRX is known for, at a lower price point, with the goal of extending the company’s reach to more patients. FARMACEUTICALRX affiliates are licensed to offer high quality medical marijuana products in Pennsylvania and Ohio, states with a combined population of over 26 million people. 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 breakthrough, premium organic products. delivered through its vertically integrated platform. From farm to future – Our innovation is your future health. Learn more about www.FARMACEUTICALRX.com.

About Chicago Atlantic Real Estate Finance, Inc.

Chicago Atlantic Real Estate Finance, Inc. is a commercial real estate finance company that manages a diversified portfolio of real estate finance investments primarily in the cannabis space and actively invests across the value chain. Led by a management team with extensive experience in mortgage lending, direct lending, risk management, and real estate acquisitions and developments, Chicago Atlantic and its sponsor have created a premier cannabis lending platform. Chicago Atlantic intends to elect and qualify to be taxed as a REIT under Section 856 of the 1986 Tax Code. Chicago Atlantic is managed by Chicago Atlantic REIT Manager, LLC.

original press release

Get a head start by signing up for 420 Investorthe largest and most comprehensive premium subscription service for cannabis traders and investors since 2013.

Published by NCV Newswire

NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to curate high-quality content and information about major cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis news. The NCV Newswire is hand-curated by an editor and is not automated in any way. Got a confidential news tip? Get in touch.

Receive our Sunday newsletter





Comments are closed.