High Tide, a Calgary, Alberta-based cannabis retail chain, drew the final 5 million Canadian dollars ($3.6 million) of a CA$15 million debt facility.
The Canadian retailer drew the first CA$10 million tranche on July 31 and announced it Aug. 2.
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According to a Wednesday news release, High Tide will use the additional $5 million to:
Repay debt that matures on Dec. 31. Ongoing development of High Tide’s business model. General working capital purposes.
The debt raised by High Tide consisted of CA$1,000 in principal subordinate secured debentures at a price of CA$900 per debenture, according to the release.
Pursuant to the final tranche, High Tide issued 5,000 debentures.
The debentures will mature on July 31, 2029, and carry a 12%
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