While Florida’s medical cannabis industry starts kicking into gear, Franklin Street’s Capital Advisors division announces its first medical cannabis-related financing deal outside of the state.
The Washington, D.C.-area deal was funded with $3 million in cash in exchange for convertible notes from two grower/processer licensees in the District. The operators are Holistic Industries LLC, based in D.C.
Franklin Street was represented by Tony Gannacone, a director based in Fort Lauderdale, and Steve Bennett, a senior director in the Atlanta office. David Engel represented Full Moon Investments in the transaction.
Franklin Street teamed up with Full Moon Investments, LLC (“Full Moon”), a private fund advisor which provides capital and consulting services to companies engaged in medical and recreational cannabis businesses. Full Moon principals have raised $37 million since 2016 for medical marijuana licensees in Maryland, Massachusetts, Washington, D.C., and Pennsylvania, which has included the design and construction implementation on over 140,000 square feet of medical cannabis cultivation and dispensary facilities.
Through its team of experienced professionals, Full Moon provides capital, and where appropriate, turnkey facilities and training to new and existing licensees in the cannabis space. Full Moon’s team includes real estate and financial professionals, master growers, plant extraction experts, and experienced chocolatiers and edible manufacturing personnel. Full Moon offers a full line of turnkey fully-refined cannabis products to its consulting clients.
“Our staff’s expertise and experience, and our speed in funding and execution are second to none, and we seek synergistic long-term relationships with our cannabis licensee clients,” said Engel.
Florida currently has 12 licensed medical marijuana operators with an additional five licenses scheduled to be issued as early as September 2017. Franklin Street exclusively represents Surterra Therapeutics, an Atlanta-based medical marijuana company, for all their office, industrial and retail service needs throughout Florida.
“While medical marijuana is new to Florida, nationally it has already picked up steam and attracted investment capital for operational expenses, real estate for grow operations and dispensaries, and management companies,” said Gannacone. “We know there are going to be medical marijuana companies in Florida that also need capital, and possibly expertise, which Franklin Street can help provide along with our partner Full Moon.”
Both Full Moon and Franklin Street are in a strategic alliance are actively looking for new and existing licensee operators who seek capital and/or cannabis expertise, and down-stream agents for alignment, said Gannacone.