Jushi Upsizes Debt Financing To $33.3M

Cannabis and hemp operator Jushi Holdings Inc. JUSHF upsized and closed a debt financing deal.

According to a Friday press release, Jushi obtained $27.8 million in cash proceeds to date.

It also closed on subscription receipts totaling $33.3 million, including $12.3 million of subscription receipts related to the acquisition of Vireo Health International Inc.'s VREO VREOF Pennsylvania-based subsidiary. 

Initially, the Boca Raton-based company secured around $15.3 million in the financing, through the receipt of binding subscriptions for the issuance of 10% senior secured notes and warrants to acquire a subordinate voting share.

The notes will carry an interest of 10% per year, payable quarterly.

In addition, it will mature on January 15, 2023.

"I'm pleased with the demand we have seen throughout this recent financing," said Jim Cacioppo, Jushi's Chairman, and CEO.

"We would like to thank our new and existing shareholders for their support, and I look forward to closing our Pennsylvania grower-processor transaction as well as providing updates on future developments," added Cacioppo.

Meantime, last month, Jushi cut the ribbon on its seventh Beyond/Hello medical marijuana store in Pennsylvania.

Courtesy photo