Cannabis Company GTI Secures $150 Million Credit Facility
Cannabis Company GTI has recently closed a $150 million credit facility with Valley National Bank, an impressive feat in the competitive cannabis industry. This five-year loan comes with an industry-leading interest rate of SOFR +5.00%, illustrating the growing confidence in GTI’s business model.
Utilizing the proceeds from this facility, GTI will retire existing senior secured debt that is due on April 30, 2024. This strategic financial decision is aimed at improving GTI's leverage position while enhancing liquidity. Furthermore, it underlines the organization's commitment to maintaining a robust balance sheet amid evolving market conditions.
Strategic Implications of GTI's Financial Maneuver
By securing this credit facility, GTI not only strengthens its financial standing but also positions itself favorably for future growth opportunities. Investors and stakeholders can anticipate a more agile GTI that is ready to capitalize on potential market expansions, driven by healthier financial metrics.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.