Standard Wellness Secures $14 Million Credit Facility from Advanced Flower Capital Retiring Existing Debt and Accelerating Strategic Growth Initiatives
CLEVELAND, April 3, 2025 /PRNewswire/ -- Standard Wellness Holdings, LLC ("Standard Wellness"), a leading vertically integrated cannabis company, today announced the successful closing of a $14 million senior secured credit facility with Advanced Flower Capital Inc. (NASDAQ:AFCG) ("AFC"). This strategic financing will be utilized to refinance existing debt, including the full repayment of the company's debt facility with Focus Growth Capital Partners and early repayment of the seller note with Columbia Care (incurred in conjunction with the acquisition of the Cannabist dispensary in Springville, Utah), and to fully fund the acquisition of a dispensary license in Saint Louis, Missouri. The Missouri acquisition is subject to regulatory approval.
This significant financial milestone positions Standard Wellness for growth, demonstrating the company's commitment to strategic expansion and financial discipline. The credit facility, which bears interest at 12.5% with AFC, a longstanding lender to the cannabis industry, underscores the strength and potential of Standard Wellness's business model.
"We are thrilled to partner with AFC on this important financing. AFC has done an exceptional job of upgrading its borrowers, and we'd like to think we fit into that portfolio well," said Jared Maloof, Chief Executive Officer at Standard Wellness. "This credit facility allows us to streamline our debt structure, eliminate legacy obligations, and invest in strategic acquisitions, including a new dispensary license in Saint Louis, a key component of the company's long-term strategy. This transaction strengthens our balance sheet and provides the capital necessary to execute our growth strategy and expand our footprint in key markets."
"AFC Gamma is pleased to support Standard Wellness in their continued growth and expansion," said Dan Neville, Chief Executive Officer at AFC Gamma. "Standard Wellness has demonstrated a strong track record of operational excellence and strategic execution. We are confident that this credit facility will enable them to achieve their growth objectives and further solidify their position as a leader in the cannabis industry."
"The repayment of the Focus Growth debt and the early retirement of the Columbia Care note reflect Standard Wellness's proactive approach to managing its financial obligations and optimizing its capital structure," said Kyle Ciccarello, Chief Financial Officer of Standard Wellness.
Advisors and Counsel In connection with the transaction, Gramercy Capital Group, LLC (through INTE Securities LLC) served as financial advisor, while Feuerstein Kulick, LLP, led by Samantha Gleit, acted as legal counsel to Standard Wellness.
About Standard Wellness:
Founded in 2017 in Ohio, Standard Wellness is a vertically integrated cannabis company operating across Ohio, Missouri, and Utah, with cultivation, processing, and dispensary licenses in Maryland. The Company operates five retail locations under The Forest brand and has been a pioneer in the industry, including making the first-ever legal marijuana sale in Ohio through its dispensary The Forest Sandusky and the first ever delivery to a Utah pharmacy in February 2020.
With approximately 350 employees, Standard Wellness is dedicated to improving quality of life by providing safe and legal access to cannabis for medical and adult use.
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/.
About INTE Securities LLC
INTE Securities LLC is a member of FINRA (www.finra.org) / SIPC (www.sipc.org). To view INTE Securities LLC, go to www.finra.org/brokercheck
For media inquiries, please contact:
Kyle Ciccarello
Chief Financial Officer
Standard Wellness Holdings, LLC
Email: [email protected]
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SOURCE Standard Wellness Holdings, LLC