Organic Remedies Secures $ 22 Million Funding From Advanced Flower Capital

Organic Remedies Inc. secured $ 22 million in financing through a credit facility provided by AFC Management LLC (AFC).

Organic intends to use the proceeds from AFC Gamma to finance the construction of approximately 240,000 square feet of growing and processing space.

In addition, the Pennsylvania-based vertically integrated medical cannabis grower and retailer also plans to build three additional dispensaries.

The credit facility includes a senior term loan that could be used in a year, according to the press release.

Currently, Organic Remedies – which was founded in 2018 – operates three dispensaries.

“We are delighted to partner with Organic Remedies as they leverage their agricultural expertise, to support what will be one of Pennsylvania’s largest growers,” said Leonard Tannenbaum, AFC chief executive. said Tuesday.

He believes Pennsylvania is “finally recognized by suppliers to the industry” given that there have been “several recent acquisitions of cannabis operators in the state.”

Mark Toigo, who heads Organic Remedies, seconded Tannenbaum, adding that they are “impressed with AFC’s institutional approach, its expertise in the cannabis industry, as well as its flexibility and speed of execution to complete a transaction “.

In May, the AFC provided Nature’s Medicines with $ 42 million in funding. The Phoenix-based company used the product to expand its presence in the Arizona and Michigan markets.

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