By Ben Glickman
AFC Gamma plans to spin off its commercial real estate business, a pivot to focus only on lending in the cannabis industry.
The West Palm Beach, Fla.-based company said Thursday that the spin-off would create two pure-play loan providers, one of which services the cannabis industry and one which focuses on the commercial real-estate industry in the southern U.S.
The real-estate business will become a publicly traded company called Sunrise Realty Trust. The split is expected to be completed in mid-2024.
AFC Gamma said the two separate companies would have some overlapping corporate management but would have distinct investment teams and boards.
Brian Sedrish, current chief executive of Southern Realty Trust, is expected to become CEO of Sunrise Realty Trust.
Write to Ben Glickman at ben.glickman@wsj.com
Recent Comments