Green Thumb Expands Credit Facility by $50 Million, Bringing Total to $189 Million Through 2029
- Green Thumb Industries secured an additional $50 million in senior debt financing, increasing its syndicated credit facility to $189 million, with a five-year term led by Valley National Bank.
- The loan carries an interest rate of SOFR plus 500 basis points and matures in September 2029; proceeds will be used for general corporate purposes, strategic investments, and working capital.
- CEO Ben Kovler highlighted the low rate and ongoing partnership with Valley National Bank as beneficial for shareholders without issuing any equity to banks.
- Green Thumb, a major U.S. marijuana operator with 20 manufacturing facilities and 100+ retail locations in 14 states, gains additional liquidity amid growing market competition and banking challenges due to federal prohibition.
Green Thumb Industries announced today that it has secured an additional $50 million in senior debt financing, increasing its existing syndicated credit facility to $189 million. The five-year facility, led by Valley National Bank, carries an interest rate of SOFR plus 500 basis points and matures on September 11, 2029. According to the company, the proceeds will be used for general corporate purposes, potential strategic investments and working capital.
Founder, Chairman and Chief Executive Officer Ben Kovler said adding $50 million to the company’s balance sheet at what he described as a low rate should benefit shareholders over the long term. He also noted the company’s ongoing relationship with Valley National Bank and its confidence in Green Thumb’s business model.
The transaction did not include the issuance of any equity to participating banks.
Headquartered in Chicago, Green Thumb is one of the largest marijuana operators in the United States. Founded in 2014, the company operates 20 manufacturing facilities and more than 100 retail locations across 14 states. It employs approximately 5,000 people and owns RISE Dispensaries, along with a portfolio of branded products including RYTHM, Dogwalkers, incredibles, Beboe, &Shine, Doctor Solomon’s and Good Green.
The expanded credit line provides Green Thumb with additional liquidity as competition intensifies in state-regulated marijuana markets and companies continue to navigate limited access to traditional banking services due to federal prohibition.