Cannabis Lender Taps Industry Veteran As CEO To Gain In-House Operating Expertise

Cannabis-focused commercial real estate finance company AFC Gamma, Inc. AFCG has tapped an industry veteran, Daniel Neville, as its new CEO.

Neville agreed to assume the role effective Nov. 13, 2023, the Florida-based company said on Monday. He succeeds Leonard Tannenbaum, who will transition from his role as chairman of the board and CEO to executive chairman and chief investment officer.

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“Dan is a proven leader who brings deep operational expertise, a strong strategic mindset and proven leadership abilities,” Tannenbaum said. “I believe that as a lender, it has become increasingly important to have in-house operating expertise to contribute to the underwriting and portfolio management of cannabis credits.”

Most recently, Neville led the finance department as CFO for Ascend Wellness Holdings, Inc. AAWH AAWH. During his three-year-plus tenure at AWH, Neville served as senior VP of finance.

Tannenbaum emphasized that Neville’s appointment “reaffirms AFC Gamma’s commitment to lending to the cannabis industry and expanding as it grows and continues to need debt capital to finance its expansion.”

Prior to AWH Neville worked at SLS Capital, a special situations hedge fund based in New York. He served as a managing director from January 2015 to March 2019 and as an analyst from April 2010 to January 2015.

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AFCG Price Action

AFC Gamma’s shares traded 1.72% higher at $10.8 per share at the time of writing on Monday morning.

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