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.
Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.
Order your 2022 MJBiz Factbook, out now!
Featured Inside:
- 200+ pages and 50 charts with key data points
- State-by-state guide to regulations, taxes & opportunities
- Segmented research reports for the marijuana + hemp industries
- Accurate financial forecasts + investment trends
Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.
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.