Marijuana MSO The Cannabist Co. raises $25.75 million

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Marijuana multistate operator The Cannabist Co. raised $25.75 million in senior secured convertible debentures.

The funds will go toward debt repayment, working capital and general operations, according to a news release.

The New York-headquartered company:

  • Completed a private placement of $19.5 million of 9% senior secured convertible debentures due in 2027.
  • Issued $6.25 million of notes in exchange for the cancellation of previously issued 6% senior secured convertible notes due 2025.

The notes mature in March 2027 unless they’re converted earlier or repurchased.

The conversion rate is 3,278.6 common shares per $1,000 principal amount of notes, which is equivalent to about $0.305 per common share.

The Cannabist Co. was rebranded from Columbia Care last year after the failure of its planned merger with Cresco Labs.

The company plans to focus on the wholesale side of its business in 2024 after an “arduous 2o23,” CEO David Hart said on a recent fourth-quarter and full year earnings call.