Cannabis Company Ayr Wellness Loans Money From Needham Bank To Support Its Cultivation Facility
Portfolio Pulse from Vuk Zdinjak
AYR Wellness Inc. has secured a $40 million refinancing and upsizing of its existing mortgage for its Gainesville cultivation facility from Needham Bank. The loan will be used to pay down the company’s existing Gainesville mortgage of $25.3 million and invest further in the facility and the company’s Florida business. The new loan carries an interest rate of 5-year FHLB rate + 4%, which currently implies a rate of 8.26%.
July 07, 2023 | 12:37 pm
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The refinancing and upsizing of the mortgage for AYR Wellness's Gainesville facility could strengthen the company's balance sheet and provide additional capital for investment in the facility and the company’s Florida business.
The refinancing and upsizing of the mortgage could reduce the company's debt burden and provide additional capital for investment, which could potentially lead to growth in the company's operations and revenues. This could have a positive impact on the company's stock price in the short term.
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