Debt Finance

Feuerstein Kulick advises private credit funds, family offices, high net worth individuals, distressed debt funds, banks, and other lenders (on a syndicated and single-lender basis) as well as single state and multi-state operators on all aspects on debt finance and procuring capital in the legal cannabis space. Feuerstein Kulick has structured many of the largest secured loans in the cannabis industry each of which is uniquely tailored to maximize lender recourse and/or flexibility for companies operating in the legal cannabis space. Feuerstein Kulick has unmatched expertise and ability to execute high-risk, regulatory compliant transactions as well as advising on asset transfers and the exercise of regulatory compliant remedies. Our deep-rooted legal cannabis experience, including top tier “what’s market” industry databases that track comparable market trends on a state-by-state basis. Further, our real time tracking of federal and state regulatory and legislative developments makes us a preferred choice of the industry’s top operators and leading investors.

On behalf of investors:

Represented Agents and a syndicate of lenders in a senior secured term loan of $170 million to STIIIZY Group Inc which cultivates, manufactures, distributes and retails branded cannabis products at scale, and owns and operates award-winning brands.

• Represented direct lender on a senior secured term loan to a leading payment processor and wholesale cannabis marketplace across the U.S and in subsequent $250 million factoring facility.
• Represented a syndicate of lenders to TerrAscend’s Ilera operations, advising on a successful restructuring that resulted in full repayment of the $120 million debt in 2024.
• Represented investors in a senior secured term loan to a CAURD license-holder in first licensed facility in Times Square NYC.
• Represented lenders to Dreamfields Brands, Inc. (Jeeter) in senior secured credit facility and the subsequent upsize and mortgage refinancing on the existing secured term loan.
• Advised the lender to the New York State Cannabis and Social Equity Investment Fund which enabled CAURD license-holders to establish, design, and create CAURD dispensaries throughout New York.
• Represented cannabis focused private credit funds in senior secured term loans secured by cash-flow and real property ranging from $10-100mm in Arizona, California, Nevada, Illinois, Ohio, Missouri, Michigan, Maryland, and Oregon.

On behalf of borrowers:

• Represented leading multi-state edible brand on a senior secured term loan for expansion capital from AFC Gamma.
• Represented leading multi-state operator in refinancing its $100 million existing senior secured credit facility and negotiated the extension of its existing second lien notes totaling $72 million.
• Advised a private nursing home facility in connection with its redemption and refinancing of its publicly issued bonds.
• Represent one of the largest private multi-state operators on structuring a senior secured term loan for $100mm inclusive of tack-on and upsize financings that resulted in a successful strategic transaction and buyout of the company.
• Represented a California operator in a $100 million senior secured term loan.