Supports Story Companies Continued Expansion in the Growing Ohio Adult-Use Market
| Source: Advanced Flower Capital
WEST PALM BEACH, Fla., Feb. 18, 2025 (GLOBE NEWSWIRE) — Advanced Flower Capital Inc. (f/k/a AFC Gamma, Inc.) (Nasdaq:AFCG) (“AFC”) today announced that it has committed and funded a $15 million senior secured credit facility to Story of Ohio LLC, the Ohio subsidiary of Story Companies (“Story”), a privately held multi-state operator of cannabis cultivation and retail facilities. Story intends to use the proceeds from the loan to acquire and build out dispensaries in Ohio.
“We are pleased to support Story as it continues to expand its operations in Ohio,” said Daniel Neville, AFC’s Chief Executive Officer. “Story is one of the top private multi-state cannabis operators, led by a team of serial entrepreneurs who have consistently executed in a volatile cannabis market. We are excited to continue to support Story’s expansion.”
Jason Vedadi, CEO of Story, commented, “We are pleased to once again partner with AFC to support Story’s expansion into a new state market. Dan Neville and his team understand the complexities of the cannabis industry, and their strategic approach aligns well with our vision for growth. This partnership enables Story to identify and capitalize on key market opportunities, and we look forward to continued success together.”
AFC will hold the entire credit facility, which consists of a first-lien term loan secured by all of Story of Ohio LLC’s assets, including the value of its cannabis licenses and its owned real estate in both Ohio and Georgia, which is initially included as additional collateral. AFC Agent LLC served as agent for this transaction.
About Advanced Flower Capital
Advanced Flower Capital Inc. (Nasdaq:AFCG) is a leading commercial mortgage REIT that provides institutional loans to state-law compliant cannabis operators in the U.S. Through the management team’s deep network and significant credit and cannabis expertise, AFC originates, structures, underwrites and manages loans ranging from $10 million to over $100 million, typically secured by quality real estate assets, license value and cash flows. It is based in West Palm Beach, Florida. For additional information regarding the company, please visit https://advancedflowercapital.com/.
