Valley National Bank helped multistate cannabis operator Green Thumb Industries Inc., owner of RISE Dispensaries, close on a $150 million, five-year syndicated credit facility.
The Chicago-based firm intends to use the proceeds along with existing cash to retire its $225 million senior secured debt due April 30, 2025.
Valley is the Sole Lead Arranger, Sole Bookrunner and Administrative Agent for the deal, in conjunction with a tailored syndicate of bank market investors. The transaction was arranged, structured, undertaken and syndicated by Valley’s Syndications Team, which led GTI’s first syndicated transaction with an innovative structure and created a syndicate tailor-made to support GTI today and in the future.
Green Thumb Industries has 20 manufacturing facilities, 98 retail locations and operations across 14 U.S. markets. Established in 2014, Green Thumb employs approximately 4,700 employees and serves millions of patients and customers each year.
“We are proud to continue our partnership with GTI, a proven leader in the consumer-packaged goods and wellness industry,” John Meyer, senior vice president of commercial banking at Valley, said. “Valley is committed to relationship banking at scale and to providing tailored solutions to our client base. We are thrilled to have delivered an innovative loan structure to GTI that was successfully syndicated in the bank market.”
“This financing is a first-of-its kind credit facility for the U.S. cannabis industry, marking a major step for Green Thumb and cannabis more broadly,” Green Thumb founder, Chairman and CEO Ben Kovler said. “We plan to double down on our efforts to build brands that Americans love. Cannabis is a means towards more well-being, and we know Americans are craving well-being now more than ever. The future of America is more cannabis, and this debt arrangement allows us to invest for the future of America’s well-being. We are grateful to Valley for being great partners and providing a tailored solution that fits Green Thumb’s needs.”
