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Cannabis Lender Reports 30% YoY Drop In Q3 Net Income, Taps Cannabis Veteran As New CEO

Author: Jelena Martinovic | November 08, 2023 11:07am

Cannabis lender AFC Gamma, Inc. (NASDAQ:AFCG) announced its third-quarter results on Wednesday for the three months ended Sept. 30, 2023, revealing a year-over-year in net interest income to $15.3 million from $18.1 million in the prior year’s period.

Q3 2023 Financial Highlights

  • Total expenses amounted to $5.15 million, down from $5.31 million in the third quarter of last year.
  • Net income totaled $7.97 million, down from $11.5 million in the prior year’s period.
  • As of Sept. 30, 2023, the company had $445.1 million in total assets, down from $519.17 million on Dec. 31, 2022.
  • Total liabilities amounted to $106.3 million as of Sept. 30, 2023, down from $180.1 million on Dec. 31, 2022.
  • The company distributed $9.8 million in dividends, or $0.48 per common share, compared to distributable earnings of $0.49 per basic weighted average common share for such period.

Prior to the quarter, the West Palm Beach-based company tapped industry veteran, Daniel Neville, as its new CEO.

Neville agreed to assume the role effective Nov. 13, 2023, succeeding Leonard Tannenbaum, who serves as CEO and chairman and will remain as executive chairman and CIO going forward.

“As the Company solidifies its position as a leading institutional lender in the industry, we look forward to lending to additional borrowers that aim to take advantage of cannabis 3.0,” Tannenbaum said on Wednesday. “Adding Dan gives us additional capacity to support our existing borrowers and expand our platform to support well-capitalized operators expanding within the industry.”

AFCG Price Action

AFC Gamma’s shares traded 0.45% higher at $11.05 per share at the time of writing on Wednesday morning.

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Photo: Courtesy of Kenny Eliason on Unsplash

 

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