[PRESS RELEASE] CLEVELAND, Dec. 17, 2024 /PRNewswire/ -- Standard Wellness Holdings, LLC ("Standard Wellness" or the "Company"), a leading Multi-state cannabis operator, is pleased to announce that various affiliates have successfully secured a $10 million credit facility from a prominent commercial bank. This strategic financing, structured as a 10-year term loan amortizing over 20 years with a competitive 9.25% interest rate, will support the Company's continued growth initiatives and operational expansion. The facility also enabled partial repayment of higher-cost debt, which carries a 13.5% interest rate and matures in the third quarter of 2026.
"This new financing partnership underscores our financial partners' confidence in our business model and growth trajectory," said Jared Maloof, CEO of Standard Wellness Holdings, LLC. "With this facility, more than 75% of our debt now matures in 2033 or beyond, providing us with increased stability and flexibility to execute our long-term strategy."
Kyle Ciccarello, Vice President of Finance, who led the transaction, added, "This refinancing reduces our weighted average cost of debt to below 9.75%. This facility, when combined with other recent refinancings executed by the Company, will deliver over $1.2 million in annual interest savings. These savings enhance our financial position, enabling us to reinvest in strategic growth opportunities."
Advisors and Counsel In connection with the transaction, Gramercy Capital Group, LLC (through INTE Securities LLC, member FINRA/SIPC) served as the financial advisor, while Dentons US LLP acted as legal counsel to Standard Wellness.
About Standard Wellness
Founded in 2017 in Ohio, Standard Wellness is a vertically integrated cannabis company operating across Ohio, Missouri, and Utah, with cultivation, processing, and dispensary licenses in Maryland. The Company operates five retail locations under The Forest brand has been a pioneer in the industry, including making the first-ever legal marijuana sale in Ohio through its dispensary The Forest Sandusky, and the first-ever delivery to a Utah pharmacy in February 2020.
With approximately 350 employees, Standard Wellness is dedicated to improving quality of life by providing safe and legal access to cannabis for medical and adult use.
