AVANA – a lending firm dedicated to supporting small businesses in the US – has closed a series of high-profile deals that will support cannabis businesses in Colorado and Nevada.
Over the past several months, lending and asset management platform Avana Companies has closed $4.1 million in commercial real estate loans in the US cannabis industry which will support businesses in Denver and Las Vegas. These loans are critical to providing support to small business owners in the cannabis industry with revolving lines of credit, the firm said.
In Denver, Colorado, AVANA closed two loans last month to support businesses across retail, cultivation and extraction. One of the deals will be directed towards a cannabis grow and THC extraction business that wholesales cannabis to dispensaries across Colorado. The $1 million loan will fund a ten thousand square foot industrial cannabis warehouse for cultivation and extraction.
The other Denver based loan is for a $1.5 million refinance encompassing two locations. This includes the 5,922 square foot retail cannabis dispensary building along with the company’s 16,998 square foot industrial cultivation. The properties are located directly south of US Highway 36 and Interstate-70.
In February, AVANA also closed a $500,000 loan for an extraction and branding cannabis company in Las Vegas. The company is a GMP certified production facility housing brands STIIZY, CannaDips, Binske, Church Cannabis Company, and Betty’s Eddie’s. The company has recently started work on a largescale in-house greenhouse as it sets out to launch its own housed brands.
“AVANA Companies is dedicated to serving underserved businesses like the cannabis industry,” says AVANA’s chief lending officer, Sanat Patel. “As the industry expands rapidly, AVANA is here to provide a path to meet its financial needs and navigate processes whether it be commercial real estate transactions or gaining access to working capital.”
AVANA Companies began servicing cannabis-related business in 2021 through its loan offerings such as Commercial Real Estate (CRE), construction and bridge loans and AVANA’s new FinTech lending product, LendThrive, which will provide fixed-rate loans up to $150,000 that can be used for short-term working capital and equipment needs.
As the industry continues to grow, Patel says AVANA is “committed to helping [cannabis] companies thrive”.
