Fluresh Pulls Off Cannabis Financing With $48M In Engagements From Federally Chartered Bank

Fluresh LLC, announced the closing of a senior secured note with a federally regulated commercial bank headquartered in Michigan. The secured bank note closed on December 28, 2021 for aggregate gross proceeds of $25 million. The bank note has a variable interest rate and, at the time of closing, bore an interest rate of 5.75% per annum with 50% of the aggregate proceeds capped at 7.0%.

The lender also completed a $23 million debt refinancing of Fluresh's Grand Rapids, Michigan property alongside the closing of Fluresh's bank note. The Grand Rapids property is owned by a real estate development company managed by two of Fluresh's founders.

"For Fluresh, perhaps as important as the bottom-line benefits of lower cost financing, …

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