Marijuana operator Harvest Care Medical closed on a $4 million refinancing deal geared toward supporting its growth in West Virginia.
The move is intended “to bolster the company’s operational expansion and streamline its financial obligations by reducing monthly debt service expenses,” according to a Thursday news release.
Harvest Care co-founder and board member William Freas said the financing is a significant milestone that will allow the Bridgeport-based company to expand its medical cannabis cultivation operations and dispensaries across the state.
“Harvest Care is steadfast in its mission to lead the West Virginia cannabis market,” Freas said in a statement.
Harvest Care co-founder and board member Kevin Gibbs said securing financing at less than 10% allows the company to scale its operations responsibly.
“This refinancing reflects our continued commitment to driving growth while maintaining financial discipline,” Gibbs said in a statement.
Harvest Care Medical operates seven dispensaries across West Virginia under the Country Grown brand.
It’s developing two more dispensaries that are expected to open in the first and second quarters, the release noted.
West Virginia launched medical marijuana sales in 2021 after an MMJ bill was signed into law in 2017.
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