PharmaCann is a privately held marijuana multistate operator (MSO) that has raised the net proceeds of $39.5 million through the upsized offering of senior secured notes.
It can be difficult to raise funding hence why a company like Schwazze acquired two Colorado marijuana retail businesses for $29 million.
Sometimes it takes spending a lot of money to get a considerable return, such as the company Aurora sending its largest-ever shipment of medical marijuana worth 10 million Canadian dollars to Israel.
According to a news release from last Thursday, the funding is intended to utilize better strategic growth opportunities and more general corporate purposes.
This upsized debt offering will follow an $85 million notes issuance announced last June and brought PharmaCann net proceeds of almost $80 million.
The 12% senior secured notes offer involves unspecific unidentified leading Canadian and U.S. lenders. As of now, the notes will be due in 2025, and PharmaCann says it currently has 125 million dollars worth of outstanding notes.
Although Chicago-based, PharmaCann also operates in Pennsylvania, Maryland, Illinois, Ohio, New York, and Massachusetts.
This past October, PharmaCann announced a deal to acquire LivWell Enlightened Health, a Colorado-based marijuana company in Michigan that heavily utilizes cheap glass jars with lids.
Reuter reported last August that PharmaCann planned to go public in the fall. Still, unfortunately, they didn’t because a public stock offering has not been materialized just yet.