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Benzinga

Business

Nina Zdinjak

Cannabis Co. FARMACEUTICALRX Closes $34M In Debt Financing Led By Chicago Atlantic

Chicago Atlantic Ohio

Organic medical marijuana producer FARMACEUTICALRX announced that it has closed a $34 million senior secured term loan provided by Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) a commercial real estate finance company, and other institutional lenders.

The loan proceeds will be used to complete the funding of the company’s Ohio Level 1 cultivation and post-harvest facility, repay existing debt, fund equipment purchases, and for general working capital purposes. The company brings its cultivation and processing methods from the FARMACEUTICALRX of Pennsylvania operations to the 100,000 square foot facility in East Liverpool, Ohio. FARMACEUTICALRX of Ohio currently also operates its FRX Health dispensary in East Liverpool, Ohio.

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