Marijuana firm Acreage gets $15 million loan at 60% interest rate
Marijuana multistate operator Acreage Holdings has secured a $15 million short-term loan with a whopping 60% yearly interest rate, the company said Wednesday.
Marijuana multistate operator Acreage Holdings has secured a $15 million short-term loan with a whopping 60% yearly interest rate, the company said Wednesday.
Marijuana multistate operator Acreage Holdings relinquished its medical cannabis manufacturing license in Iowa, two months after halting operations at the facility.
Marijuana multistate operator Acreage Holdings, which has been slashing overhead costs and selling unprofitable assets, said Monday it has agreements in place to raise up to $60 million for working capital and other purposes.
Marijuana multistate operator Acreage Holdings on Monday said it is still reducing overhead costs – including the sale of a North Dakota medical cannabis operation and undeveloped real estate in Nantucket, Massachusetts – as it seeks to improve its financial situation.
Cannabis businesses declared essential during the coronavirus outbreak are hoping to leverage newly allowed flexibility such as curbside pickup and home delivery into permanent ways of doing business.
The COVID-19 crisis has accelerated unionization efforts at a handful of cannabis stores and dispensaries in Illinois and Massachusetts that, if successful, could result in thousands of dollars in added staffing costs for the multistate operators that own the establishments.
New York-based Acreage Holdings on Friday announced it is furloughing 122 employees and taking other cost-cutting measures, becoming the latest multistate marijuana operator to slash costs in response to the coronavirus pandemic.