Multistate marijuana operator PharmaCann has completed a private debt offering of $85 million worth of senior secured notes at a 12% interest rate.

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The Chicago-based, privately held company said net proceeds from the offering were approximately $79.9 million, which “will be used for strategic growth opportunities and general corporate purposes.”

The notes are due on June 30, 2025.

PharmaCann did not identify who purchased the notes, but described the buyers as “leading U.S. and Canadian lenders” in a news release.

The company operates in Ohio, Pennsylvania, Massachusetts, New York, Illinois and Maryland.

Toronto-based cannabis producer Cronos Group agreed to pay $110 million for the option to acquire a 10.5% stake in PharmaCann earlier this month.