Marijuana multistate operator The Cannabist Co. raised $25.75 million in senior secured convertible debentures.
The funds will go toward debt repayment, working capital and general operations, according to a news release.
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The New York-headquartered company:
Completed a private placement of $19.5 million of 9% senior secured convertible debentures due in 2027. Issued $6.25 million of notes in exchange for the cancellation of previously issued 6% senior secured convertible notes due 2025.
The notes mature in March 2027 unless they’re converted earlier or repurchased.
The conversion rate is 3,278.6 common shares per $1,000 principal amount of notes, which is equivalent to about $0.305 per common share.
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The Cannabist Co. was rebranded from Columbia
Read full article on Marijuana Business Daily
