Cannabis company Trulieve announced this week it had closed on $25 million in financing and would be opening two medical cannabis dispensaries in Florida.
The company said it had closed on a commercial loan secured by a cultivation site in Florida for $25 million. Trulieve will pay the loan back in five years with an interest rate of 8.31 percent. The loan comes from two banks, with First Federal Bank serving as the lead agent. Trulieve officials said the loan was for general corporate purposes.
“The cannabis industry is an important and complex sector with a significant presence in Florida. We are honored to offer deposit and lending solutions, and particularly this loan to facilitate Trulieve’s growth,” John Medina, president and CEO of First Federal Bank, said.
Trulieve also announced the opening of two new medical dispensaries in Crawfordville and Crestview, Florida. With grand opening celebrations on Dec. 29 and 30, the dispensaries will provide patients with opportunities for upcoming education sessions, the company said.
“We are excited to open these dispensaries, providing high quality products and service for Florida patients in the Big Bend and Panhandle regions,” Kim Rivers, Trulieve’s CEO said.
Officials said the Crawfordville Dispensary Express, on the Crawfordville Highway, is the company’s first dispensary dedicated to express pickup orders, where customers can place online orders and pick products up later. At Trulieve Crestview, customers can get both walk-in and pick-up service, but will also be able to get home delivery, officials said.
Trulieve Crestview, located at 2150 South Ferdon Blvd., will offer both walk-in and pickup service. Across Florida, Trulieve offers home delivery, convenient online ordering, and in-store pickup. Veterans receive 20% off every order when they show their military ID, and all first-time guests are eligible for a 60% new customer discount at any Florida Trulieve location.