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Apr 23, 2024

Grand News Network / November 8, 2023

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

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 ...

Full story available on Benzinga.com


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