Privately held marijuana multistate operator PharmaCann raised net proceeds of $39.5 million through an upsized offering of senior secured notes.
The funding “will be used for strategic growth opportunities and general corporate purposes,” according to a Thursday news release.
The upsized debt offering follows an $85 million notes issuance announced last June, which brought PharmaCann net proceeds of nearly $80 million.
That offering of 12% senior secured notes involved unspecified “leading U.S. and Canadian lenders.”
The notes are due in June 2025.
PharmaCann said it now has $125 million worth of notes outstanding.
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The Chicago-based company operates in Illinois, Maryland, Massachusetts, New York, Ohio and Pennsylvania.
In October, PharmaCann announced a deal to acquire Colorado-based cannabis company LivWell Enlightened Health, which also operates in Michigan.
Reuters reported last August that PharmaCann was planning to go public in the fall, but a public stock offering has not materialized.