A $25 Million Loan and a New CFO for Trulieve Cannabis

Trulieve Cannabis recently secured a $25 million loan and welcomed a new Chief Financial Officer. The loan, collateralized against a Florida cultivation site, carries a five-year repayment plan at an interest rate of 8.31%. Two banks, led by First Federal Bank, extended the loan for ‘general corporate purposes,’ as reported by Financial Regulation News.

This financial move follows Trulieve’s November announcement to redeem all outstanding 9.75% senior secured notes, amounting to a principal of $130 million.

In a concurrent news release, Trulieve revealed the appointment of Wes Getman as Chief Financial Officer, effective January 1.

Getman brings over 25 years of accounting and finance experience from roles at Blue Bird Corp., Grant Thornton, and PricewaterhouseCoopers, and most recently served as a partner at business consultancy WilliamsMarston, according to regulatory filings.

With Getman assuming the CFO position, interim CFO Ryan Blust will revert to his role as Vice President, Finance. Blust stepped into the interim role in July following the brief tenure of Tim Mullany, who resigned as CFO within ten days of joining. Mullany was brought in as a replacement for Alex D’Amico, who departed as CFO in June after three years at Trulieve.

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