Green Thumb Industries Refinances its Senior Debt and Closes on a $150 Million Syndicated Credit Facilities | How to buy weed online

• Closes $150 Million 5-year credit facility with an industry-leading interest of SOFR +5.00%
• Repays existing senior secured debt due April 30, 2025
• The bank-only offering was the first of its kind in the cannabis industry.

CHICAGO and VANCOUVER in British Columbia, Sept. 12 2024 – Press Release Green Thumb Industries Inc., a leading national cannabis consumer goods company and owner RISE Dispensaries, announced that it had closed a $150 million five-year syndicated loan facility led by Valley National Bank. Valley National Bank is a regional bank, with assets of over $62 billion, and the principal subsidiary for Valley National Bancorp. The company plans to use the proceeds, along with its existing cash, to retire its $225,000,000 senior secured debt due on April 30, 2025.

Ben Kovler, founder, chairman and CEO of Green Thumb, said: “This financing is the first-of its-kind credit facility in the U.S. Cannabis industry. It marks a major milestone for Green Thumb, and the cannabis sector as a whole.” “Green Thumb’s focus of cash generation and disciplined allocation of capital led us to this pivotal moment,” said Ben Kovler, founder, chairman and CEO.

“This new capital funding strengthens our already-clean balance sheet for another 5 years. We will continue to work hard to create brands that Americans love. Cannabis is a way to achieve more happiness, and Americans crave happiness more than ever. This debt arrangement allows us the opportunity to invest in the future well-being of America. We are grateful to Valley National Bank, the banking syndicate and for partnering with on this first-of its-kind financing in the U.S. Cannabis industry.”

John Meyer, senior Vice President of Commercial Banking at Valley National Bank said: “Today’s news is a continuation to our longstanding partnership and is a reflection on GTI’s strong reputaion as a market leader for legal cannabis, and as a business focused on the best use of capital in order to build sustainable growth while maintaining a healthy balance sheet. We are committed to providing tailored solutions for our clients while maintaining a relationship with them. We are delighted to successfully execute this syndicated lending facility for Green Thumb. This is a first of its kind bank financing for the U.S. marijuana industry.”

The notes will mature on Sept. 11, 2029 and bear interest at the Secured Overnight Finance Rate (SOFR) plus 500 basis points. Interest is payable quarterly. The transaction did NOT involve the issuance Green Thumb equity by any of the participating bank.

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