Marijuana MSO Trulieve closes on final $75 million slice of $425 million raise

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Multistate operator Trulieve Cannabis said it closed on a private placement offering of $75 million, the second tranche of a marijuana industry-record $425 million debt raise.

The senior secured notes, due in 2026, carry an annual interest rate of 8%, which is among the lowest for the cannabis industry.

The notes have the same terms as the first tranche of $350 million, which closed in October.

Florida-based Trulieve said it intends to use the proceeds for capital expenditures and other corporate purposes.

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“This additional funding provides greater flexibility as we execute on our strategic initiatives in 2022,” CEO Kim Rivers said in a news release.

After acquiring Arizona-based Harvest Health & Recreation last year, Trulieve rivals Massachusetts-based Curaleaf Holdings as the largest marijuana operator in the U.S. based on revenue.