Advanced Flower Capital Provides $15 Million Senior Secured Credit Facility to Story Ohio
Advanced Flower Capital (AFCG) has announced a $15 million senior secured credit facility to Story of Ohio , a subsidiary of Story Companies. The funding will support Story's expansion in Ohio's adult-use cannabis market through the acquisition and development of dispensaries.
The credit facility consists of a first-lien term loan secured by Story of Ohio's assets, including cannabis licenses and real estate in both Ohio and Georgia. Story Companies, a private multi-state cannabis operator, is led by CEO Jason Vedadi and has a track record of successful execution in the volatile cannabis market.
AFC will hold the entire credit facility, with AFC Agent serving as the transaction agent. The partnership aims to enable Story to capitalize on key market opportunities in Ohio's growing cannabis market.
Advanced Flower Capital (AFCG) ha annunciato una linea di credito senior garantita di 15 milioni di dollari a Story of Ohio, una filiale di Story Companies. Il finanziamento supporterà l'espansione di Story nel mercato della cannabis per uso adulto dell'Ohio attraverso l'acquisizione e lo sviluppo di dispensari.
La linea di credito consiste in un prestito a termine di primo rango garantito dagli asset di Story of Ohio, comprese le licenze per la cannabis e i beni immobili sia in Ohio che in Georgia. Story Companies, un operatore privato di cannabis multi-statale, è guidata dal CEO Jason Vedadi e ha un'esperienza comprovata nell'esecuzione di successo nel volatile mercato della cannabis.
AFC detiene l'intera linea di credito, con AFC Agent che funge da agente della transazione. La partnership mira a consentire a Story di capitalizzare sulle opportunità di mercato chiave nel crescente mercato della cannabis dell'Ohio.
Advanced Flower Capital (AFCG) ha anunciado una línea de crédito senior garantizada de 15 millones de dólares a Story of Ohio, una subsidiaria de Story Companies. La financiación apoyará la expansión de Story en el mercado de cannabis de uso adulto de Ohio a través de la adquisición y desarrollo de dispensarios.
La línea de crédito consiste en un préstamo a plazo de primer gravamen garantizado por los activos de Story of Ohio, incluidas las licencias de cannabis y bienes raíces en Ohio y Georgia. Story Companies, un operador privado de cannabis de múltiples estados, está liderado por el CEO Jason Vedadi y tiene un historial de ejecución exitosa en el volátil mercado de cannabis.
AFC mantendrá toda la línea de crédito, con AFC Agent como agente de la transacción. La asociación tiene como objetivo permitir que Story capitalice las oportunidades clave del mercado en el creciente mercado de cannabis de Ohio.
Advanced Flower Capital (AFCG)는 Story Companies의 자회사인 Story of Ohio에 1500만 달러 규모의 선순위 담보 신용 시설을 발표했습니다. 이 자금은 오하이오의 성인용 대마초 시장에서 Story의 확장을 지원하기 위한 것으로, 유통점의 인수 및 개발에 사용될 것입니다.
신용 시설은 Story of Ohio의 자산, 즉 대마초 라이센스와 오하이오 및 조지아의 부동산을 담보로 하는 첫 번째 담보 대출로 구성되어 있습니다. Story Companies는 다수 주에서 운영되는 민간 대마초 사업자로, CEO Jason Vedadi가 이끌고 있으며, 변동성이 큰 대마초 시장에서 성공적인 실행 실적을 보유하고 있습니다.
AFC는 전체 신용 시설을 보유하며, AFC Agent가 거래 에이전트로 활동합니다. 이 파트너십은 Story가 오하이오의 성장하는 대마초 시장에서 주요 시장 기회를 활용할 수 있도록 하는 것을 목표로 하고 있습니다.
Advanced Flower Capital (AFCG) a annoncé un crédit senior garanti de 15 millions de dollars à Story of Ohio, une filiale de Story Companies. Ce financement soutiendra l'expansion de Story sur le marché du cannabis à usage adulte de l'Ohio par l'acquisition et le développement de dispensaires.
La ligne de crédit se compose d'un prêt à terme de premier rang garanti par les actifs de Story of Ohio, y compris les licences de cannabis et les biens immobiliers dans l'Ohio et la Géorgie. Story Companies, un opérateur de cannabis privé multi-états, est dirigé par le PDG Jason Vedadi et a un bilan d'exécution réussie sur le marché volatile du cannabis.
AFC détiendra l'intégralité de la ligne de crédit, avec AFC Agent agissant en tant qu'agent de transaction. Le partenariat vise à permettre à Story de tirer parti des opportunités clés du marché dans le marché croissant du cannabis de l'Ohio.
Advanced Flower Capital (AFCG) hat eine gesicherte Kreditlinie in Höhe von 15 Millionen Dollar an Story of Ohio, eine Tochtergesellschaft von Story Companies, bekannt gegeben. Die Finanzierung wird die Expansion von Story auf dem Markt für Cannabis für den Erwachsenenbedarf in Ohio unterstützen, indem Dispensaries erworben und entwickelt werden.
Die Kreditlinie besteht aus einem vorrangigen Terminkredit, der durch die Vermögenswerte von Story of Ohio gesichert ist, einschließlich der Cannabis-Lizenzen und Immobilien in Ohio und Georgia. Story Companies, ein privater Multi-State-Cannabis-Betreiber, wird von CEO Jason Vedadi geleitet und hat eine nachweisliche Erfolgsbilanz in der erfolgreichen Umsetzung im volatilen Cannabis-Markt.
AFC wird die gesamte Kreditlinie halten, wobei AFC Agent als Transaktionsagent fungiert. Die Partnerschaft zielt darauf ab, Story zu ermöglichen, von wichtigen Marktchancen im wachsenden Cannabis-Markt in Ohio zu profitieren.
- Secured $15M loan with first-lien position on Story's assets including licenses and real estate
- Expansion into growing Ohio adult-use cannabis market
- Additional collateral backing from Georgia real estate assets
- None.
Insights
This
- The first-lien security position on both Ohio and Georgia assets provides robust collateral coverage, reducing AFC's risk exposure while maintaining attractive yields typical in cannabis lending.
- Story Companies' track record as a successful private multi-state operator suggests strong execution capabilities, important for loan performance in the volatile cannabis sector.
- The timing aligns with Ohio's recent adult-use market expansion, potentially enhancing Story's ability to service the debt through increased revenue streams.
The cross-state collateral structure, including Georgia assets, provides additional security layers beyond the Ohio operations, demonstrating AFC's sophisticated approach to risk mitigation. This type of comprehensive collateral package is increasingly important in cannabis lending, where traditional banking restrictions create unique financing challenges.
For AFC shareholders, this transaction represents a strategic deployment of capital that balances yield potential with risk management. The company's focus on working with established operators like Story, combined with strong collateral positions, supports sustainable income generation while maintaining portfolio quality. The deal's structure also provides flexibility for potential market expansion, as Story continues to execute its multi-state growth strategy.
Supports Story Companies Continued Expansion in the Growing Ohio Adult-Use Market
WEST PALM BEACH, Fla., Feb. 18, 2025 (GLOBE NEWSWIRE) -- Advanced Flower Capital Inc. (f/k/a AFC Gamma, Inc.) (Nasdaq:AFCG) (“AFC”) today announced that it has committed and funded a
“We are pleased to support Story as it continues to expand its operations in Ohio,” said Daniel Neville, AFC’s Chief Executive Officer. “Story is one of the top private multi-state cannabis operators, led by a team of serial entrepreneurs who have consistently executed in a volatile cannabis market. We are excited to continue to support Story’s expansion.”
Jason Vedadi, CEO of Story, commented, “We are pleased to once again partner with AFC to support Story’s expansion into a new state market. Dan Neville and his team understand the complexities of the cannabis industry, and their strategic approach aligns well with our vision for growth. This partnership enables Story to identify and capitalize on key market opportunities, and we look forward to continued success together."
AFC will hold the entire credit facility, which consists of a first-lien term loan secured by all of Story of Ohio LLC’s assets, including the value of its cannabis licenses and its owned real estate in both Ohio and Georgia, which is initially included as additional collateral. AFC Agent LLC served as agent for this transaction.
About Advanced Flower Capital
Advanced Flower Capital Inc. (Nasdaq:AFCG) is a leading commercial mortgage REIT that provides institutional loans to state-law compliant cannabis operators in the U.S. Through the management team’s deep network and significant credit and cannabis expertise, AFC originates, structures, underwrites and manages loans ranging from
About Story Companies
Story Companies is an emerging American Multi State Operator (MSO) in the fast-growing cannabis industry. Its core strategy is to develop and acquire vertically integrated cannabis assets in states which it believes have high profit margins, steep growth curves and which have recently, or are expected to soon, permit adult-use sales of cannabis. Story solves inherent risks in cannabis investing by bringing successful business and operational management expertise, access to capital, and proven integrity to the cannabis opportunity set. Story seeks to build its portfolio quickly and efficiently across multiple states and roll up the assets into a unified, branded company that will successfully compete with the largest MSOs.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the company’s current views and projections with respect to, among other things, market expansion and borrower activity and growth initiatives. All statements, other than historical facts, are forward-looking statements. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. Certain factors, risks and uncertainties discussed under the caption “Risk Factors” and elsewhere in AFC’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings, could cause actual results and performance to differ materially from those projected in these forward-looking statements.
Investor Relations Contact
Advanced Flower Capital
Robyn Tannenbaum
561-510-2293
ir@advancedflowercapital.com
Media Contact
Profile Advisors
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347-774-1125
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FAQ
What is the size of AFCG's new credit facility to Story Ohio?
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