New York Weed Giant Cannabist To Complete Nearly $26M Private Placement Offering Of Convertible Debentures
The Cannabist Company Holdings Inc. announced on Friday it intends to complete a private placement of up to $19.5 million aggregate principal amount of 9% senior secured convertible debentures due 2027. The company said in a press release that it has received binding commitments for $17.5 million and may enter into additional commitments for $2 million of notes before closing. Additionally, the company plans to issue $6.25 million of notes in exchange for the cancellation of previously issued 6% senior secured convertible notes due 2025 held by certain offshore institutional investors. The notes will be senior secured obligations of the company and mature in March 2027, unless earlier converted or repurchased. The conversion rate will be 3,278.6 common shares in the capital of the company per $1,000 principal amount of notes, equivalent to a price of approximately $0.305 per common share.
