Vertically integrated cannabis company PharmaCann Inc. has raised roughly $79.9 million through a private offering of 12% senior secured notes due June 30, 2025.
The Chicago-based company said Friday it has completed the transaction and borrowed a total of $85 million, including the original issue discount and other estimated offering expenses.
PharmaCann plans to utilize the proceeds to fund strategic growth opportunities and for general corporate purposes.
Canaccord Genuity Corp. served as financial counsel to PharmaCann while legal advisors were Fox Rothschild LLP and Dentons Canada LLP. In addition, both U.S. and Canadian lenders participated in the offering.
Over the past period, the company has been expanding its retail footprint throughout the country.
Verilife dispensary in Shrewsbury, the company's second retail location in Massachusetts, kicked off cannabis sales last year.
On the heels of opening a store located in Rosemont's Parkway Bank Park Entertainment District - its fifth dispensary in Illinois – PharmaCann opened another store in Galena, sixth in the Land of Lincoln.
The company operates within six states at the moment while possessing licenses to run up to five cultivation centers and six processing facilities.
Photo by Ryan Lange on Unsplash
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