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Jushi Secures $17.4M In Financing Via Debt Offering

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Jushi Secures $17.4M In Financing Via Debt Offering

Cannabis and hemp operator Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHFupdated a debt financing deal.

The Boca Raton-based company confirmed it has obtained more than $16.3 million of cash proceeds to date, and additional binding subscriptions worth around $1.1 million, briging the total to $17.4 million. 

The original agreement was announced last month. Initially, Jushi obtained about $15.3 million in funding, which the company secured through the receipt of binding subscriptions for the issuance of 10% senior secured notes and warrants to acquire a subordinate voting share.

The maturity date of notes is January 15, 2023.

In addition, all notes will carry an interest of 10% per year, payable every three months.

The company said it closed an additional $4.27 million of subscriptions, including Jim Cacioppo’s subscription for $1.5 million of the notes.

Besides Jushi’s chairman and CEO, other insiders and management opted for subscribing for $3.47 million of the notes.

Jushi confirmed it intends to use the funds to secure expenses related to the acquisition of Vireo Health International Inc.’s (CNSX: VREO) (OTCQX: VREOF) Pennsylvania-based subsidiary.

Meantime, Jushi has been expanding its presence within the country.

Some of the latest expansions include the launching of its seventh Beyond/Hello medical marijuana dispensary in Pennsylvania.

Moreover, Jushi said earlier it plans to increase its footprint in Virginia, by opening five cannabis dispensaries as well as two additional stores in Illinois.

Courtesy photo

 

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