Marijuana multistate operator Ascend Wellness Holdings tacked on $36.5 million of additional borrowing to its existing senior secured credit facility.
The senior secured debt, which carries a 9.5% per annum interest rate, due quarterly, was originally worth $210 million when it was announced in 2021.
Ascend had the option of increasing the loan by up to $65 million.
The loan matures in 2025.
“This financing will support our investments in near-term growth initiatives including the expansion of our Pennsylvania assets and acquisition of MedMen NY,” Ascend Chief Financial Officer Dan Neville in a statement.
“We continue to explore all financing options including additional capacity under the term loan increase option.”
New York-based Ascend is moving forward with its acquisition of Los Angeles-based MenMen Enterprises’ New York operations after resolving a legal dispute this month.
Subscribe to the MJBiz Factbook
Exclusive industry data and analysis to help you make informed business decisions and avoid costly missteps. All the facts, none of the hype.
What you will get:
- Monthly and quarterly updates, with new data & insights
- Financial forecasts + capital investment trends
- State-by-state guide to regulations, taxes & market opportunities
- Annual survey of cannabis businesses
- Consumer insights
- And more!
Ascend had $143.8 million worth of cash and cash equivalents as of March 31, according to a recent regulatory filing, with current liabilities of $109.3 million.
Shares of Ascend trade as AAWH on the CSE and U.S. over-the-counter markets.
