New York (HedgeCo.Net) – Former founder of the Harley-Davidson Finance Company, Stephen Denari, has left the Prairie Wellness Fund to launch a new convertible debt/equity fund.
This financing vehicle will initially provide financing to winning applicants for the newly created medical marijuana licenses applied for under Illinois law in September. Denari will continue as CEO of his political consulting firm (the Political Action League), in addition to his duties heading up the new American Marijuana Fund Advisors, dubbed the Amerijuana Fund.
“The two primary differences between Prairie Wellness and the Amerijuana Fund is that Prairie offers debt only and requires 100% personally guaranteed loans, whereas Amerijuana will offer a mix of debt/equity, leasing, lines of credit and asset-based lending not requiring a full personal guaranty, if any,” Denari said.
The Amerijuana Fund will this month sponsor free Illinois Medical Marijuana Industry seminars on financing alternatives for Illinois applicants in Chicagoland and selected downstate locations.
The two remaining founding partners of Prairie Wellness, hedge fund veteran Michael Griffin and Chicago litigation attorney Thomas Cronin, each stated they wished Steve the best of luck in his new endeavor to form a more expanded menu of financial services offerings for the medical marijuana industry in Illinois, and ultimately nationally.
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