Green Thumb Secures $150 Million Syndicated Credit Facility

LOS ANGELES- Green Thumb Industries Inc, a national cannabis consumer packaged goods company and owner of RISE Dispensaries, has announced the closing of a $150 million 5-year syndicated credit facility. The financing, led by Valley National Bank, marks a significant development in the U.S. cannabis industry, as it is the first such arrangement for the sector.

Green Thumb plans to use the funds, along with existing cash reserves, to retire $225 million in senior secured debt due in April 2025. The company’s management highlighted that this credit facility, at an interest rate of SOFR + 500 basis points, strengthens its balance sheet and positions it for future growth.

Ben Kovler, Green Thumb’s Founder, Chairman, and CEO, emphasized that the financing reflects the company’s commitment to disciplined capital allocation and cash generation. The arrangement also signifies a broader acceptance of cannabis businesses in traditional financial markets.

John Meyer, Senior Vice President of Commercial Banking at Valley National Bank, described the transaction as a continuation of a longstanding partnership and a key milestone for the cannabis industry.

The non-equity financing arrangement provides Green Thumb with increased financial flexibility, allowing the company to focus on expanding its brands and investing in future growth. The notes issued as part of the facility have a maturity date of September 11, 2029, with interest payable quarterly.