AFC Gamma, a newly-formed commercial mortgage REIT focused on the cannabis industry, postponed its IPO on Wednesday. It most recently filed to raise $119 million by offering 6.3 million shares at $19.
Formed by Advanced Flower Capital, AFC Gamma originates, structures, underwrites, and manages senior secured loans and other types of loans for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis. Its loans are primarily secured by real property and certain personal property, including licenses, equipment, and other assets.
The West Palm Beach, FL-based company was founded in 2020 and booked $2 million in sales for the 12 months ended September 30, 2020. It had planned to list on the Nasdaq under the symbol AFCG. JMP Securities, Ladenburg Thalmann and Seaport Global were set to be the joint bookrunners on the deal.
