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Marijuana Giant Curaleaf Snags Syndicated Loan in Rare Feat

Marijuana company Curaleaf Holdings Inc. has secured $275 million in financing, one of the first syndicated deals for the cannabis industry.

The senior secured term loan comes as traditional banks have steered clear of pot-linked debt amid regulatory concerns. Curaleaf’s deal, mostly provided by a slate of U.S. institutional buyers including hedge funds and loan-only debt funds, is one of the most sizable financings the cannabis industry has seen in the U.S., according to Boris Jordan, Curaleaf’s executive chairman. One large European party is also taking part in the offering.“Most of the deals that have been done before have been family-office driven or also included equity warrants,” said Jordan. “This brings cannabis more to the mainstream debt markets.”

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