Advanced Flower Capital Inc. - AFCG STOCK NEWS

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.

AFC Gamma, Inc. (NASDAQ:AFCG) has announced a $15 million investment in Cansortium Inc. as part of a $71 million credit facility aimed at expanding Cansortium's operations in Texas, Michigan, and Pennsylvania. This partnership is expected to leverage favorable market conditions in these states for medical cannabis. Texas is considering expanding its medical cannabis program, while Michigan has seen significant sales growth in its legal cannabis market. Pennsylvania also anticipates reaching $1 billion in cannabis sales within the next few years.

AFC Gamma, Inc. (NASDAQ:AFCG) announced a $13 million credit facility to support a Missouri medical cannabis operator in expanding cultivation and dispensary operations. This marks AFC's initial entry into the Missouri market, which began sales of medical marijuana in October 2020 and generated nearly $25 million as of March 2021. Projections for 2021 estimate the state’s medical marijuana sales could reach between $225 million and $300 million. The loan will be secured by first-lien mortgages on the Borrower’s properties.