Story Cannabis gets second cash infusion from AFC Gamma, this time for Ohio expansion | How to order Skittles Moonrock online

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Privately held multistate operator Story Cannabis received a second cash infusion from Florida-based Advanced Flower Capital (Nasdaq: AFCG), formerly known as AFC Gamma, to the tune of $15 million, which it intends to use to fund more expansion in Ohio.

The loan – which was technically awarded to an Ohio-specific subsidiary of Arizona-based Story – comes less than half a year after AFC also loaned Story $41 million to build out operations in Maryland in October.

AFC CEO Daniel Neville said in a press release that Story has proven itself as one of the more creditworthy companies in the U.S. marijuana trade, with a team that has “consistently executed in a volatile cannabis market.”

The new $15 million loan was secured by the value of licenses held by Story in both Ohio and Georgia, along with real estate the company owns in both states, as collateral. The funds will be used to purchase and build out new dispensaries in Ohio, Story said in a release.

Story also has a footprint in New Jersey, according to the company website.

The cash infusion news comes at a time when capital has been scarce for U.S. cannabis companies, with more and more companies choosing to rely on debt financing over selling equity stakes. Those financial struggles have also hit home for AFC, which reported a sharp decline in cannabis industry income in the third quarter last year.