The Cannabist Company Holdings, a marijuana multistate operator, has announced a deal to buy back up to $25 million in principal on senior secured debt by issuing shares.
The senior secured convertible notes, due in June 2025, carry a 6% interest rate.
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If the maximum amount of $25 million is repurchased, The Cannabist Co. said, the deal could involve issuing roughly 68.6 million shares.
“We are pleased to have reached agreement on the previously announced transaction to reduce leverage and decrease interest expense, maintaining momentum for our balance sheet improvement plan,” Cannabist CEO David Hart said in a statement issued this week.
“We are grateful for the constructive relationship with our investors that enabled this transaction to come to fruition and look
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