Marijuana MSO Ascend Wellness borrows additional $36.5 million

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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.

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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.