Harvest Well being & Recreation, a Phoenix-primarily based multistate cannabis operator, secured up to a $225 million loan to assistance accelerate development.
The loan, to be structured in 3 $75 million tranches, is backed by Miami-primarily based Torian Capital Partners.
Harvest mentioned the proceeds will be applied for:
- Working capital.
- Strategic acquisitions.
- General corporate purposes.
The loan will be secured by Harvest assets, such as existing and future dispensary licenses.
Torian Capital invests in each private and public cannabis providers. The 1st tranche is anticipated to close in the subsequent 30 days.
Harvest mentioned in March it is acquiring Verano Holdings in a deal that was then valued at $850 million.
That transaction is not anticipated to close till the finish of this year amid antitrust issues.