Organic medical marijuana producer FARMACEUTICALRX has detailed a $34 million senior secured term loan via Chicago Atlantic.
The transaction will expand the company’s Ohio medical marijuana operations.
“This funding allows us to take advantage of the tremendous opportunity in Ohio and to build on the momentum and market-leading position we developed in Pennsylvania,” FARMACEUTICALRX CEO and Founder Rebecca Myers said. “We continue to believe Ohio is a very attractive limited license state and the right market for us. We are excited to partner with the Chicago Atlantic team who believes in our strong cash flow generation and revenue and profitability prospects.”
Myers indicated FARMACEUTICALRX is committed to cultivating and producing premium organic and craft medical marijuana products while being disciplined stewards of capital for its shareholders.
Officials noted the loan proceeds would complete funding of the FARMACEUTICALRX Ohio Level 1 cultivation and post-harvest facility, repay existing debt, fund equipment purchases, and provide general working capital.
“Chicago Atlantic is excited to partner with FARMACEUTICALRX in Ohio on the completion of their 100,000-square-foot tier 1 cultivation facility that will bring additional jobs to East Liverpool, Ohio,” Chicago Atlantic Executive Chairman John Mazarakis said.
“We look forward to assisting with the company’s current and future growth. Rebecca and her team are strongly committed to bringing differentiated, quality, and organic products to the Ohio marketplace and are great examples of the management teams and organizations with whom Chicago Atlantic looks to partner.”