Jushi Holdings Closes On $47M Debt Financing

By Jelena Martinovic.

Jushi Holdings Inc JUSHF, a globally focused manufacturer of cannabis and hemp-derived products, announced last Friday it's closing on $47 million in debt financing.

The Canada-based cannabis operator said it's focused on building a diverse portfolio relying on opportunistic acquisitions, competitive applications and distressed workouts.

The company has obtained $35.65 million in cash proceeds from the financing.

The deal includes $9.56 million in exchanged debt from Jushi's acquisition of TGS Illinois Holdings that has been exchanged into warrant notes with a slightly different redemption right, according to the company.

“We are pleased with the upsizing of our financing providing working capital that will allow Jushi to continue making progress on its growth objectives and expansion efforts into 2020 and beyond. This capital will support our continued investment in each territory we are currently operating in, positioning Jushi to achieve $200 to $250 million in revenue in 2021,” CEO and Chairman Jim Cacioppo said in a statement.

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