Vireo Growth finances US$11 million purchase of Palatka, Florida cultivation facility
Vireo Growth entered a US$60 million real estate financing, allocating about US$49 million to refinance senior debt tied to its Johnstown, New York, purchase option and roughly US$11 million to acquire a cultivation facility in Palatka, Florida. The loan carries 8.5% interest, matures April 2, 2034, and is secured by first-priority mortgages on both properties.
1. Financing details
Vireo Growth entered a US$60 million real estate financing tied to cultivation and production facilities in Johnstown, New York, and Palatka, Florida. About US$49 million of proceeds will refinance senior debt linked to the Johnstown purchase option, while roughly US$11 million will fund the Palatka facility acquisition. The facility’s existing lease will terminate, and a new lease will be executed with Green Dragon Florida, a Vireo affiliate.
