Standard Wellness Secures $10 Million Credit Facility at Market-Leading 9.25% Rate to Refinance Debt and Drive Growth
Summary
This strategic financing, structured as a 10-year term loan amortizing over 20 years with a competitive 9.25% interest rate, will support the Companys continued growth initiatives and operational expansion. "This new financing partnership underscores our financial partners confidence in our business model and growth trajectory," said Jared Maloof, CEO of Standard Wellness Holdings, LLC. "Kyle Ciccarello, Vice President of Finance, who led the transaction, added, "This refinancing reduces our weighted average cost of debt to below 9.75%. "Advisors and Counsel In connection with the transaction, Gramercy Capital Group, LLC (through INTE Securities LLC, member FINRA/SIPC) served as the financial advisor, while Dentons US LLP acted as legal counsel to Standard Wellness.Founded in 2017 in Ohio, Standard Wellness is a vertically integrated cannabis company operating across Ohio, Missouri, and Utah, with cultivation, processing, and dispensary licenses in Maryland. The Company operates five retail locations under The Forest brand has been a pioneer in the industry, including making the first-ever legal marijuana sale in Ohio through its dispensary The Forest Sandusky, and the first-ever delivery to a Utah pharmacy in February 2020.With approximately 350 employees, Standard Wellness is dedicated to improving quality of life by providing safe and legal access to cannabis for medical and adult use.