Marijuana firm KushCo secures $50 million credit line

California-based KushCo Holdings, a cannabis company specializing in ancillary products such as packaging, closed on a $50 million credit facility that will be used for working capital and potential acquisitions.

The transaction consists of a $35 million revolving line of credit that can be increased by $15 million subject to certain terms, according to the company.

The lender is Chicago-based Monroe Capital, a private credit asset management firm.

KushCo CEO Nick Kovacevich said in a statement that it is “imperative to have an adequately sized credit facility that will increase as our business grows.”

Since June 2018, KushCo has raised a total of $70 million in stock fundings.

KushCo recently reported revenues of $41.5 million for its fiscal third quarter, more than triple the amount in the same period a year ago. Losses increased slightly to $10.6 million.

Shares of the company, which trade on the over-the-counter exchanges under the ticker symbol KSHB, were up nearly 4% to $3.97 at midday Thursday.

KushCo recently applied to be listed on the Nasdaq.

For more information on this story, click here.

For analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward, sign up for our premium subscription service, Investor Intelligence.

Latest Headlines

One comment on “Marijuana firm KushCo secures $50 million credit line
Leave a Reply

Your email address will not be published. Required fields are marked *