Advanced Flower Capital Inc - AFCG STOCK NEWS

AFC Gamma Inc. (NASDAQ:AFCG) reported its financial results for Q2 2021, highlighting a net income of $4.6 million, or $0.34 per share. Distributable earnings reached $5.8 million, equivalent to $0.43 per share. The company's net book value per share stood at $16.66. AFCG secured $71.3 million in new commitments during Q2 and funded $77.8 million. A dividend of $0.38 was paid for the quarter, and the firm anticipates maintaining or increasing this dividend in Q3. The portfolio's weighted average yield is approximately 21% as of August 1, 2021, with all loans performing well.

AFC Gamma has appointed Brett Kaufman as the new Chief Financial Officer and Treasurer, effective August 6, 2021. Kaufman brings over 26 years of extensive financial management experience, previously serving as CFO of Ladenburg Thalmann Financial Services. He succeeds Thomas Geoffroy, who will transition to CFO of AFC Gamma's external manager, AFC Management. CEO Leonard Tannenbaum praised Kaufman's strong leadership as the company positions itself to leverage growth opportunities in the cannabis lending market.

AFC Gamma has announced a $15.5 million credit facility to The Evermore Cannabis Company for expanding its Baltimore cultivation and manufacturing facility. This marks AFC's first direct investment in Maryland's medicinal cannabis market, which is projected to reach $550 million in sales for 2021. Leonard M. Tannenbaum, AFC's CEO, expressed optimism about supporting Evermore's growth plans. AFC retains $10.075 million of the facility, and the partnership is seen as a long-term relationship with significant growth potential ahead.

AFC Gamma, Inc. (NASDAQ:AFCG) will report its earnings for Q2 2021 on August 5, 2021, before market opening. A conference call is set for 10:00 AM ET on the same day to discuss results, accessible via audio webcast or by phone. AFC Gamma specializes in lending to cannabis companies, offering tailored financing solutions such as first-lien and mortgage loans, supported by experienced management with a collective 100 years in investment and credit sectors. Investors can access call replays and additional details on the company's website.

AFC Gamma, Inc. (AFCG) reported significant business updates for Q2 2021, revealing gross funding of $77.8 million and net funding of $64.9 million. The company secured new loan commitments totaling $71.3 million. AFCG has also entered the Russell 2000® Index, effective June 28, 2021, enhancing its visibility to institutional investors. Furthermore, AFC Gamma received an investment grade rating of BBB- from Egan-Jones Ratings, affirming its financial stability and strategic direction in the growing cannabis lending market.

AFC Gamma, Inc. (NASDAQ: AFCG) announced its underwritten public offering of 2,750,000 shares at $20.50 per share, aiming for approximately $56.4 million in gross proceeds. The offering includes a 30-day option for underwriters to acquire an additional 412,500 shares. Proceeds will fund loans to cannabis industry operators, including unfunded commitments and general corporate expenses. The closing date is expected around June 28, 2021, pending customary conditions. Jefferies, Cowen, and JMP Securities manage the offering.

AFC Gamma has announced a public offering of 2,750,000 shares, with a potential additional 412,500 shares for underwriters. The funds will be used for loans to existing borrowers, new loan originations in the cannabis industry, and general corporate purposes. Jefferies, Cowen, and JMP Securities are the joint book-running managers. A registration statement has been filed with the SEC, but it is not yet effective. This offering will further AFC Gamma's strategy of supporting operators in the cannabis sector.

AFC Gamma Inc. (NASDAQ:AFCG) announced Q1 2021 financial results, reporting net income of $1.4 million ($0.20 per share) and distributable earnings of $3.2 million ($0.45 per share). The company closed $21 million in new investments and declared a dividend of $0.38 for Q2 2021, reflecting strong initial public offering performance with $71 million in deals closed. As of March 31, 2021, total loan commitments reached $130.7 million, with a portfolio yield of approximately 21%.

AFCG has a robust pipeline and expects strong growth in the expanding cannabis sector.

AFC Gamma has announced a $22 million credit facility to Justice Cannabis Co., marking its entry into New Jersey's expanding cannabis market. The financing will support the buildout of a 72,000 square foot cultivation and processing facility along with a dispensary in Ewing, New Jersey. With adult-use marijuana legalized in the state, projections estimate sales may reach between $850 million and $950 million by 2024. This partnership is expected to strengthen AFC's position in the cannabis sector, which shows promising supply-demand dynamics.