Altmore To Provide Funds For Booming Cannabis Businesses, Closes Its First Cannabis Debt Fund

Altmore Capital has closed its first cannabis debt fund providing plant-touching businesses with additional funding options.

The Virginia-based company exceeded its expectations by more than 200% with the new fund available to plant-touching businesses that generate over $10 million in revenue.

Rob Shuler, the co-managing partner at Altmore Capital, explained that their mission is to "provide transformational capital for a large number of cannabis companies that are evolving into strong cash flow operations."

The booming cannabis industry is heavily affected by federal laws and restrictions and limited debt financing options, leaving cannabis businesses to starve for capital, Shuler explained.

As a senior secured debt lender to the cannabis industry that invested and led more than $130 million in financing in the space to date, Altmore anticipates completing an additional $200 million to $300 million in the next year.

Shuler revealed that over 50% of the company's $300 million backlog includes buyers funding acquisitions. The firm, founded in 2018 by Steve Ham and Patrick Kim, loans between $5-100 million to U.S. operators.

"We understand and appreciate the unique business and legal complexities of cultivation, manufacturing, retail, and other aspects of the cannabis industry, which is what sets us apart from others in this space," Shuler said Thursday.