Cannabis company Columbia Care Inc. CCHW CCHW CCHWF (FSE:3LP) has raised $74.5 million through a private placement offering of 6% secured convertible notes.
The New York-based company confirmed Tuesday that it has closed the previously announced transaction.
The notes, in the principal amount of $1000, are worth 154 common shares of the company at $6.49 per share. They represent Columbia Care’s senior secured obligations with interest payable semi-annually in arrears. The notes will mature on June 29, 2025.
Columbia Care was granted the right to redeem the notes, either in whole or in part on or after June 29, 2023.
The transaction was conducted under a deal with a syndicate of agents with Canaccord Genuity acting as sole book-runner and co-lead agent, alongside ATB Capital Markets. In addition, A.G.P./Alliance Global Partners served as financial counsel.
Columbia Care’s Recent Moves
The company has been boosting its portfolio over the past month by acquiring Medicine Man Denver and Green Leaf Medical, LLC.
The acquisition of Medicine Man will bolster Columbia Care’s cultivation and retail footprint by adding one cultivation facility and four dispensaries – three recreational shops and one adult-use and medical retail location.
The deal to purchase the Denver-based company for $42 million, is expected to close in the fourth quarter of 2021.
The finalization of the $240 million deal to acquire privately-held cannabis company Green Leaf Medical enabled Columbia Care to achieve the maximum number of dispensary licenses in Maryland and Ohio and gain roughly 400,000 square feet of cultivation and production capacity."
Photo by Elsa Olofsson on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.