Jupiter Research, a marijuana vape cartridge subsidiary of Phoenix-based Tilt Holdings, refinanced and extended its revolving credit facility.
The amount of credit available to Jupiter increased from $10 million to $12.5 million, according to a Tuesday news release.
The debt now matures July 21, 2024, instead of July 2023.
The interest rate is the prime rate plus 3%.
The funds are secured against Jupiter’s property, inventory and accounts receivable as well as through a $6 million guaranty from Tilt.
Jupiter initially entered the credit facility with New York-based Entrepreneur Growth Capital in July 2021.
Tilt, which has been working to restructure its near-term debt maturity, reduced its nonrevolving debt from $86.7 million in 2021 to $46 million, according to a February release.
Meanwhile, George Odden, a partner at M&A-focused Ardent Advisory Group in Arizona, was appointed to Tilt’s board of directors.