Medical cannabis giant Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) has closed its commercial loan secured by a cultivation site in Florida for aggregate gross proceeds of $25 million, which it plans to use for general corporate purposes.
Trulieve reported on Wednesday that it agreed to pay interest at a fixed rate of 8.31% for the duration of the five-year loan.
Lenders were comprised of two banks, with First Federal Bank serving as lead agent.
CEO Kim Rivers praised the move.
"We are pleased to announce this non-dilutive financing, particularly given the current macroeconomic backdrop," Rivers said. "This loan provides Trulieve greater flexibility and bolsters our cash position as we focus on preparing for growth catalysts."
Trulieve simultaneously announced the opening of two new medical dispensaries in Crawfordville and Crestview.
Grand opening celebrations will be held in Crawfordville at 2615 Crawfordville Highway on Friday, Dec. 29 and at 2150 South Ferdon Blvd. in Crestview on Saturday, Dec. 30.
"We are excited to open these dispensaries, providing high-quality products and service for Florida patients in the Big Bend and Panhandle regions," Rivers commented on new store openings in the Sunshine State.
Both locations will carry a wide variety of products including Trulieve's portfolio of in-house brands such as Alchemy, Co2lors, Cultivar Collection, Modern Flower, Momenta, Muse, Roll One, Sweet Talk and Trekkers.
Customers will also have access to partner brands such as Alien Labs, Binske, Black Tuna, Blue River, Connected Cannabis, DeLisioso, Khalifa Kush, Love's Oven, Miami Mango, O.pen, Seed Junky and Sunshine Cannabis, all available exclusively at Trulieve in Florida.
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