Vertically integrated marijuana company Cansortium has secured a senior credit agreement for up to $96.5 million.
The Tampa, Florida-based company, which operates under the Fluent brand, also paid off a $23 million loan – plus 13% accrued interest – from Chicago-headquartered multistate operator Green Thumb Industries, according to a Tuesday news release.
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The credit agreement with Chicago Atlantic, which has a 12% cash interest rate and 1% paid-in-kind interest annually, refinances Cansortium’s existing $71 million senior secured term loan that was set to mature May 29, 2025, a Wednesday news release noted.
“The loan’s favorable interest rate and single financial covenant underscore our strong financial standing, while its nondilutive structure – free of equity or warrants – preserves shareholder value,” Cansortium CEO
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