Advanced Flower Capital Announces the First Closing of its Cannabis Mortgage Real-Estate Investment Trust

AFC Gamma Inc., a commercial-mortgage real-estate investment trust ("REIT"), announced today that it has completed a first close of its $200 million investment vehicle, having raised approximately $80 million of equity from over 20 large family offices.  Additionally, AFC Gamma has a credit line of up to $40 million, providing the REIT with approximately $120 million of capacity to lend to cannabis operators. With companies in the industry continuing to face challenges accessing capital, AFC Gamma was founded to fill a void in the market by providing funding that these companies need to expand and operate their businesses.  The company has already provided debt financing for five companies, including dispensaries, cultivators, processors, and combined operations. To date, AFC Gamma has funded about $50 million in six transactions across five borrowers and has committed approximately an additional $30 million, to its existing borrowers and to two new loan originations closing shortly.