AFC Gamma Archives - Green Market Report

StaffMay 10, 2023


The Daily Hit is a recap of the top financial news stories for May 10, 2023.

On the Site

New York Regulators Issue Revised Cannabis Industry Rules

New York’s much-awaited revised marijuana industry rules were issued Wednesday by the Office of Cannabis Management, to the delight of stakeholders who immediately began poring over them for significant changes. The new rules are also on the agenda for Thursday’s Cannabis Control Board meeting. Read more here.

Many New York Stakeholders Skeptical of New Illicit Market Enforcement Push

Following a new push by New York Gov. Kathy Hochul to crack down on unlicensed cannabis sellers across the Empire State last week, few in the legal industry expressed optimism that the policy would have the intended effect, with several predicting that the unregulated market would simply pivot instead of giving up. Read more here.

Missouri Cannabis Sales Pass $1 Billion, Connecticut Sales Down Slightly

Missouri and Connecticut both launched adult-use cannabis markets at the beginning of the year, but they’re seeing very different sales trends. Read more here.

Trulieve Cannabis Records Net Loss Despite High Revenue

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced a net loss despite significant revenue from retail sales for the first quarter ending March 31. The U.S.-based cannabis giant reported a revenue of $289 million for the quarter, with 95% resulting from retail sales. This missed the Yahoo Finance average analyst estimate for sales of $292 million. Read more here.

More Earnings:

Some AFC Gamma Clients Having Trouble Making Payments
NewLake Capital Tenant Issues Cloud Yearly Revenue Growth
Schwazze Turns a Profit in First Quarter, Continues Expansion
Verano Revenue Up 12%, Adult-Use Sales in Connecticut Bolster Results
Village Farms’ Canadian Cannabis Sales Grow

In Other News

New York Conditional Adult-Use Retail Dispensary Licenses

A group of Conditional Adult-Use Retail Dispensary (CAURD) licensees have documented in a letter an “alarming and unacceptable” lack of communication and transparency among state cannabis regulators. The group of seven CAURD licensees, along with the Long Island CAURD Coalition and “several others” who signed anonymously, sent the letter late Tuesday night. Read more here.

Synthetic Cannabis

The state of Vermont is cracking down on synthetic cannabis which officials say is creating confusion in the state’s fledgling legal marketplace. This includes delta-8 and delta-10 products. Read more here.

StaffMarch 7, 2023


The Daily Hit is a recap of the top financial news stories for March 7, 2023.

On the Site

Illinois Out-of-State Cannabis Sales Drop as New Missouri Market Proves Itself

Illinois saw its lowest number of out-of-state cannabis purchases since February 2021 – and Missouri’s new adult-use program could be behind the drop. Total recreational cannabis products sales by legal retailers also fell, hitting $120.5 million in February, the lowest since the same month in 2022. Read more here.

Illinois Craft Cannabis Growers Get Major Deadline Extension

The 88 social equity craft cannabis growers awarded permits by Illinois last year were granted a reprieve this past week, when the state Department of Agriculture pushed back a March 1 deadline to be operational by more than a year for many of those licensees. Read more here.

AFC Gamma Credit Losses Increase More Than 300% in 2022

AFC Gamma Inc. (Nasdaq: AFCG) reported an interest income of $21 million and a net income of $2.9 million for the fourth quarter ended Dec. 31, 2022. The company reported $0.14 per basic weighted average common share and distributable earnings of $12.6 million or 62 cents per basic weighted average common share for the fourth quarter of 2022. This beat the Yahoo Finance average analyst estimate for earnings of 58 cents and income of $18.3 million. Read more here.

Atlas Global Expands Retail in Middle East, Inks International Snoop Dogg Brand Deal

Atlas Global Brands Inc. (CSE: ATL) is rapidly moving to acquire valuable cannabis assets for its recent international venture after snapping up two pharmacies in Israel and inking an exclusive licensing agreement for Snoop Dogg’s brands. Read more here.

In Other News

Colorado Cannabis Recall

The Colorado Department of Revenue alongside the Colorado Department of Public Health and Environment issued a health and safety advisory for marijuana sold at several stores in Colorado. DOR identified harvest batches produced by Green Street LLC that passed initial contaminant testing but failed retesting. Read more here.

Scotts Miracle-Gro

Scotts Miracle-Gro (NYSE: SMG) CFO Matthew Garth said the company still sees promise in the struggling $100 billion cannabis market to which it sells indoor growing and hydroponic equipment. In the wake of “shifting tectonic plates” and oversupply issues, Garth said Monday that Scotts is rightsizing its Hawthorne segment that serves the cannabis market. Read more here.

StaffNovember 8, 2022


The Daily Hit is a recap of cannabis business news for Nov. 8, 2022.


Planet 13 Picks Waukegan Over Chicago

Las Vegas-based cannabis company Planet 13 has decided to open its Illinois retail shop in Waukegan. Planet 13 partnered with Chicago-area social equity applicant Frank Cowan to win one of 185 new retail licenses that recently were issued by the state of Illinois. Read more here.

Star Buds Cannabis Owner Stays Afloat as Debt Deepens

CordovaCann Corp. (CSE: CDVA) (OTCQB: LVRLF) rose in trading Tuesday after it published its financial statement for fiscal 2022, which showed improvements in revenue and cost control despite operating with a heavy deficit. Cordova recorded $13.5 million in revenues, up 23% versus $10.3 million the year prior, primarily driven by the growth of the Star Buds Cannabis Co. retail footprint in Canada, the company said. Read more here.

Nova Sees Record Profits As It Trims Losses With Value Brand

Nova Cannabis Inc. (TSX: NOVC) recorded a net loss of $1.5 million versus $6.2 million loss last year; slightly up from a $1.4 million loss in the previous quarter. The company attributed the reduction in loss over the year primarily a result of the increase in sales and gross margin. Read more here.

AFC Gamma’s Net Income Rises 45%

AFC Gamma, Inc. (NASDAQ: AFCG) announced its financial results for the third quarter of 2022. with a net income of $11.5 million or $0.57 per basic weighted average share of common stock. This is a 45% increase in net income from last year’s third quarter. It missed Zack’s estimate, which was listed at $0.67 per share. Read more here.


Pineapple Ventures

A pair of investors who said an affiliate of California pot firm Pineapple Ventures owed them $75,000 stemming from a financing deal have come to a conditional settlement in the case, a recent court filing shows. Anna Vocino and Alfred Loren Tarquinio had said in their Los Angeles County Superior Court suit that they agreed to lend money to defendant Neu-Ventures Inc. Read more here.

CNBX Pharmaceuticals

CNBX Pharmaceuticals Inc. (OTCQB: CNBX), a global leader in the development of cancer related cannabinoid-based medicine, has acquired a controlling interest in TaGeza Biopharmaceuticals Ltd. Co-founder Benjamin Dekel will continue to serve as the company’s chief scientist, and CNBX Chairman Gabriel Yariv will assume the position of TaGeza Biopharmaceuticals CEO. Read more here.

StaffMay 10, 2022


AFC Gamma, Inc. (NASDAQ: AFCG)  announced its results for the first quarter of 2022 with a net income of $10.2 million or $0.53 per basic weighted average share of common stock. The total net interest income was $16.9 million, an increase of $12.3 million, or 261%, compared to last year. This just beat the Yahoo Finance average analyst estimate for revenues of $16 million. The distributable earnings were $11.9 million in the first quarter or $0.62 per basic weighted average share of common stock, beating the estimates for earnings of $0.57. AFC paid a dividend of $0.55 per common share on April 15, 2022, for the quarter representing a 10% increase from the prior quarter. The distributable earnings significantly exceeded the declared dividend for the fourth consecutive quarter

“We are pleased with our strong performance in the first quarter and continued growth so far into 2022, which is evidenced by AFC Gamma’s results and steady dividend growth. At this time, the Board expects that the quarterly dividend should remain at least $0.55 per common share over the course of 2022,” stated Leonard Tannenbaum, AFC Gamma’s Chief Executive Officer. “Additionally, the entry into our $60 million senior secured revolving credit facility led by two FDIC-insured banks was another significant milestone for AFC Gamma’s debt cost of capital and enables continued expansion of the portfolio. We look forward to continuing to amplify our presence as a leading lender and driving shareholder value.”

Since the start of the first quarter, AFC Gamma has closed on $154.2 million of new commitments and funded $131.5 million of new and existing commitments. The company has total loan commitments of $482.7 million ($419.1 million of which has been funded) across 12 portfolio companies as of May 9, 2022.


AFC Gamma is well-funded for financing. In January 2022, the company completed its follow-on offering of 3,291,832 shares of common stock (including the partial underwriters’ overallotment option) at $20.50 per share, raising approximately $63.0 million of additional net capital. In April 2022, AFCG entered into a senior secured revolving credit facility with $60 million of current commitments from two FDIC-insured banks and the ability to increase the facility to $100 million (subject to available borrowing base and additional commitments)

StaffApril 21, 2022


AFC Gamma, Inc. (NASDAQ: AFCG) has provided a senior secured credit facility of up to $82.5 million to Bloom Medicinals Holding Company, a privately held multi-state cannabis operator with licenses in Missouri, New Jersey, and Ohio. Bloom said it plans to use the money from the new credit facility to repay existing debt, fund expansion initiatives, acquire a Level 1 Cultivation license in Ohio and provide additional working capital.

“We are excited to support Bloom’s business as they acquire a Level 1 Cultivation license in Ohio, which coupled with their five existing dispensaries gives them a vertical presence in Ohio, a state that we believe has an attractive medical cannabis program. This acquisition allows their business operations to be vertically integrated in both Ohio and Missouri,” said Leonard M. Tannenbaum, AFC Gamma’s Chief Executive Officer. “Additionally, we are pleased to continue our long-standing relationship with Bloom, by refinancing two outstanding loans to them and providing growth capital in this third loan. This relationship is a prime example of our ability to support our client’s expansion and grow with them over time.”

AFC Gamma said that the facility is secured by first-lien mortgages on Bloom’s owned real estate properties and other commercial security interests. Bloom Medicinals is a family-owned business with three cultivation facilities, two processing facilities and 12 dispensaries. Nicole Stark is the CEO.

“We are pleased to have partnered with AFC Gamma to strengthen our balance sheet as we enter our next phase of growth,” said Nicole Stark, Chief Executive Officer of Bloom. “This is our third transaction with AFC Gamma and we are pleased to continue with them as our lender, given their flexibility and creativity in structuring a loan to meet our ever changing needs. AFC Gamma was there to support the growth of our business in a time when traditional lenders could not understand the nuances in the cannabis industry. We look forward to utilizing this latest financing to expand our business and provide high-quality medical products to our growing patient community.”


StaffMarch 28, 2022




Mrs. Tannenbaum has over 7 years’ experience focusing on mergers and acquisitions and leveraged loans to healthcare companies. Additionally, she has 5 years of experience as an investor relations professional within the finance industry. Mrs. Tannenbaum formerly served as Head of Investor Relations at Fifth Street Asset Management and as a Vice President in Healthcare mergers and acquisitions at CIT Group Inc. She graduated summa cum laude with a B.S. in Finance, with a concentration in Marketing and a Public Relations minor from Lehigh University.

What is your proudest accomplishment in the cannabis industry?


My proudest accomplishment is starting AFC Gamma with my husband, Len, during the middle of a pandemic and convincing our partner Jon Kalikow to join us as well. We have now created the first publicly listed NASDAQ lender, employ almost 30 professionals, and are considered by many as the leading lender in the industry. I’m incredibly proud to be one of the co-founders of this company and am excited to build upon the growth milestones we’ve experienced in our first year.


Do you feel that the cannabis industry has more opportunities for female-identifying people than other industries?


I believe that the cannabis industry, because it’s newer and everyone’s coming in at the ground floor, definitely has more opportunities for females and has elevated more females to leadership positions. Two notable female leaders we work with on a regular basis are Rosie Mattio at Mattio Communications and Ariella Tolkin, the managing director at Jefferies’ cannabis practice. I believe that females are well respected in the industry and that this space is relatively more accessible to women who want to build their businesses from the ground up.


Do you feel you have to work twice as hard as male colleagues or do you think the industry has moved past that?


I’ve always worked twice as hard as my male and female colleagues, but I still believe that females have something to prove that men often do not. I remember reading an initiating coverage report on AFC Gamma and saw that I was called “Len’s wife.” No, I’m Robyn. I run originations for AFC Gamma. I’ve never seen a report where Len has been called my husband, so I think that as much progress has been made elevating females in the cannabis industry, there’s still more progress to be made. And I think that if you look at the leadership of large cannabis companies, the only large cannabis operator with a female CEO that comes to mind is Trulieve, and what Kim Rivers has done there is obviously incredible. And Jen Drake is very high up at Ayr, but other than that; the C-suites are still mainly comprised of male executives. 


What was your biggest challenge in business and how did you overcome it?


The biggest challenge was deciding to start a fund in cannabis. This is an industry that was really only funded by family offices when we first started raising capital in 2019. There were many institutions that would not invest in a small fund unless you were NASDAQ or New York Stock Exchange-listed. So building our company from scratch and raising million by million from over thirty family offices to get the REIT running and off the ground before we decided to take it public was a challenge. And imagine doing that during COVID when all you’ve known is pitching and meeting people in person and now having to do everything remotely. So you’re basically asking people to trust you with their capital in a brand new industry that most people don’t know anything about.


In terms of overcoming this initial challenge, Len and I always like to talk about how we failed five times before we actually got AFCG started. There were partnerships or other opportunities that could have been helpful in raising capital, which all fell through, but we just kept going. While we were home during the pandemic, Len’s older boys – Stephen, Max and Adam, were with us, and every day they saw us fail and pick ourselves back up and go again.


What have you or your company done to help give more opportunities for women?


In general, female representation and diversity is an important topic because it brings a different perspective to a board and workplace. Our team is very focused on this internally, and we just added another female board member in Marnie Sudnow. We have an outstanding female board member in Jodi Bond, and supporting NASDAQ President and CEO Adena Friedman’s vision for diversity on boards and the inclusion of women is really important to us. Having more women on boards will perpetuate the cycle and lead to more women being on boards in the future due to their experience.  Personally, now having a daughter of my own, I want Gemma to see the sky’s the limit when it comes to what a female can achieve, so I hope to continue fostering opportunities for women to shine.


What are your personal goals for 2022?


Besides getting in shape after having a baby last year, one of the things that I’m most proud of is launching the AFC Foundation at the end of last year. The AFC Foundation seeks to partner with our borrowers in states that we operate in and give back to charities that we vet in each respective community. These operators become a source of jobs and tax revenue for the states, but it’s even more vital for them to give back to the communities that they work in. We believe it is crucial for cannabis leaders to reinvest their resources and create new economic opportunities that benefit local residents. My personal goal is to get the AFC Foundation up and running and make impactful donations in partnership with many of our borrowers. While we’re doing well as a company, we need to also do well for the world.




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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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