Advanced Flower Capital Inc. reports developments as a publicly traded business development company that provides flexible credit solutions to lower middle-market companies. The company originates, structures, invests in and manages direct senior debt investments, including senior secured credit facilities for borrowers and sponsor-backed transactions across industries.
Recurring news for AFCG includes quarterly and annual financial results, net investment income, net asset value, Distributable Earnings, common stock distributions, investment fundings, leverage, and revolving credit facility activity. Company updates also cover its operating framework as a BDC and the financing sources used to support portfolio investments and general corporate purposes.
AFC Gamma, Inc. (NASDAQ:AFCG) has announced a $15 million investment in Cansortium Inc. as part of a $71 million credit facility aimed at expanding Cansortium's operations in Texas, Michigan, and Pennsylvania. This partnership is expected to leverage favorable market conditions in these states for medical cannabis. Texas is considering expanding its medical cannabis program, while Michigan has seen significant sales growth in its legal cannabis market. Pennsylvania also anticipates reaching $1 billion in cannabis sales within the next few years.
AFC Gamma, Inc. (NASDAQ:AFCG) announced a $13 million credit facility to support a Missouri medical cannabis operator in expanding cultivation and dispensary operations. This marks AFC's initial entry into the Missouri market, which began sales of medical marijuana in October 2020 and generated nearly $25 million as of March 2021. Projections for 2021 estimate the state’s medical marijuana sales could reach between $225 million and $300 million. The loan will be secured by first-lien mortgages on the Borrower’s properties.
AFC Gamma, Inc. (NASDAQ:AFCG) is set to report its earnings for Q1 2021 on May 11, 2021, before market opening. The company is hosting a conference call at 9:00 AM ET on the same day to discuss the financial results. Investors can join via a live audio webcast or by phone. AFC Gamma specializes in providing innovative financing solutions to cannabis companies with strong operational and cash flow prospects. The company emphasizes its management team's extensive experience in investment management and credit investing.
AFC Gamma (NASDAQ:AFCG) announced a credit facility of up to $21 million for FarmaceuticalRX LLC to support its expansion in Ohio's medical marijuana market. The funding will help FarmRX build a 120,000 square foot cultivation and processing facility and acquire a dispensary property. The Ohio medical marijuana market is projected to see sales reach $425 million in 2021, nearly doubling from 2020. AFC Gamma's expertise in financing cannabis businesses positions it as a key player in this growth sector.
AFC Gamma, a commercial real estate finance company, announced its initial public offering (IPO) of 6,250,000 shares at $19.00 each, aiming for gross proceeds of approximately $118.8 million. The shares are set to trade on Nasdaq under the ticker symbol 'AFCG' starting March 19, 2021. The offering includes a 30-day option for underwriters to purchase an additional 937,500 shares. Proceeds will fund existing loans, new commercial loans, repay outstanding borrowings, and support general corporate purposes. The offering's close is anticipated around March 23, 2021.