Marijuana multistate operator Ascend Wellness Holdings has closed a $50 million private placement of senior secured notes.
The notes, issued at 97.5% of face value, are part of a $235 million debt offering completed in July and carry an interest rate of 12.75%, according to a news release.
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The notes will mature on July 16, 2029.
The New York-headquartered MSO’s strong balance sheet positions the company to take advantage of market conditions and “execute on our densification strategy, while continuing to deliver value to all stakeholders,” CEO Sam Brill said in a statement.
In January, Brill said Ascend’s plan includes opening 20 new stores, which would increase its retail footprint by about 50%.
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