Advanced Flower Capital Inc. (Nasdaq: AFCG) has announced an expansion of its senior secured revolving credit facility to $50 million, thanks to an additional $20 million commitment from its existing FDIC-insured banking partner. This expansion is facilitated by the facility's Lead Arranger, a bank with assets exceeding $75 billion. AFC plans to utilize the increased availability to support existing borrowers, originate and participate in commercial loans to cannabis operators, and manage working capital and other general corporate needs. The credit facility remains expandable to $100 million, contingent on lender participation and available borrowing base. Brandon Hetzel, AFC's Chief Financial Officer, emphasized the significance of this expanded commitment in strengthening the company's lending capabilities.
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