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Note 16 - Subsequent Events
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 16 - SUBSEQUENT EVENTS

 

Subsequent to March 31, 2022, the Company funded approximately $3.6 million of tenant improvements to our cultivation facilities in Arizona and Missouri.

 

On April 1, 2022, using escrow deposits funded in March 2022, the Company purchased a $7.3 million Missouri cultivation facility with a commitment to fund an additional $5.2 million to complete construction. The Company entered into a long-term, triple-net lease with an affiliate of C3 Industries, Inc., which is guaranteeing the lease. The Company also entered into an agreement to purchase an adjacent parcel of land and fund construction of a cultivation facility (subject to normal and customary closing conditions and regulatory approvals) for up to $16.5 million. If the transaction is consummated, the Company will amend the existing long-term, triple-net lease to include the purchase of the adjacent parcel. In addition, the acquisition contains an interest-only four-year $5.0 million loan that can be drawn over the next year, with principal due upon maturity.

 

On May 6, 2022 the Company entered into a five-year revolving credit facility (“Credit Facility”) with a $30 million initial commitment. The Credit Facility contemplates an expansion to $100 million as additional lenders are added. The Credit Facility has a fixed interest rate of 5.65% for the first three years and a floating rate thereafter.