Advanced Flower Capital Inc Stock Price, News & Analysis

AFC Gamma has expanded its senior credit facility to $75.4 million, committing $65.4 million to Justice Cannabis Co. This funding will support Justice Cannabis Co.'s asset acquisitions and operational growth in New Jersey and Pennsylvania, as well as refinance existing debt. The credit facility's security includes first-lien mortgages on Justice Cannabis Co.'s real estate. The partnership reflects AFC Gamma's commitment to supporting borrowers in the evolving cannabis market, with expectations of future growth bolstered by favorable supply and demand dynamics in these states.

AFC Gamma, Inc. (NASDAQ:AFCG) has declared a quarterly dividend of $0.43 per share for the quarter ending September 30, 2021, marking a 13.2% increase over the previous dividend of $0.38.

This dividend is payable on October 15, 2021 to shareholders of record on September 30, 2021. The company focuses on providing innovative financing solutions to cannabis companies, leveraging its expertise in investment management and credit investing.

AFC Gamma has expanded its senior credit facility to Devi Holdings Inc., operating as Nature's Medicines, by $30 million, totaling $62.5 million. This funding aims to support Nature's Medicines in its strategic acquisitions and business expansion. CEO Leonard M. Tannenbaum emphasizes their commitment to aiding borrower growth, while Nature's Medicines' CEO Jigar Patel appreciates AFC Gamma's flexible support. The loan is secured by a first-lien mortgage on real estate and commercial interests, solidifying their ongoing partnership.

AFC Gamma has announced a $23 million credit facility to BeLeaf Medical to support its expansion in Missouri's medical cannabis market. The funds will assist BeLeaf in enhancing its cultivation facilities and purchasing new property. BeLeaf, a leading operator in Missouri, plans to expand its canopy by an additional 16,000 square feet to meet growing demand. With Missouri's medical cannabis sales projected at $225-300 million for 2021, this partnership positions both companies favorably in a rapidly evolving market.

AFC Gamma, Inc. (NASDAQ:AFCG) announced a $19.75 million credit facility to DMA Holdings MA, LLC, marking its first transaction in Massachusetts' cannabis market. This funding will assist DMA in expanding its Tier 6 cultivation license and constructing a processing facility and dispensary in Dudley, Massachusetts. The loan is secured by first-lien mortgages on DMA's real estate. Massachusetts has seen substantial growth, with adult-use cannabis sales projected to reach $1.4 billion in 2021, up from $696 million in 2020.

AFC Gamma Inc. (NASDAQ:AFCG) reported its financial results for Q2 2021, highlighting a net income of $4.6 million, or $0.34 per share. Distributable earnings reached $5.8 million, equivalent to $0.43 per share. The company's net book value per share stood at $16.66. AFCG secured $71.3 million in new commitments during Q2 and funded $77.8 million. A dividend of $0.38 was paid for the quarter, and the firm anticipates maintaining or increasing this dividend in Q3. The portfolio's weighted average yield is approximately 21% as of August 1, 2021, with all loans performing well.

AFC Gamma has appointed Brett Kaufman as the new Chief Financial Officer and Treasurer, effective August 6, 2021. Kaufman brings over 26 years of extensive financial management experience, previously serving as CFO of Ladenburg Thalmann Financial Services. He succeeds Thomas Geoffroy, who will transition to CFO of AFC Gamma's external manager, AFC Management. CEO Leonard Tannenbaum praised Kaufman's strong leadership as the company positions itself to leverage growth opportunities in the cannabis lending market.

AFC Gamma has announced a $15.5 million credit facility to The Evermore Cannabis Company for expanding its Baltimore cultivation and manufacturing facility. This marks AFC's first direct investment in Maryland's medicinal cannabis market, which is projected to reach $550 million in sales for 2021. Leonard M. Tannenbaum, AFC's CEO, expressed optimism about supporting Evermore's growth plans. AFC retains $10.075 million of the facility, and the partnership is seen as a long-term relationship with significant growth potential ahead.

AFC Gamma, Inc. (NASDAQ:AFCG) will report its earnings for Q2 2021 on August 5, 2021, before market opening. A conference call is set for 10:00 AM ET on the same day to discuss results, accessible via audio webcast or by phone. AFC Gamma specializes in lending to cannabis companies, offering tailored financing solutions such as first-lien and mortgage loans, supported by experienced management with a collective 100 years in investment and credit sectors. Investors can access call replays and additional details on the company's website.