Marijuana MSO PharmaCann raises $39.5 million through upsized debt offering

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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.