Curaleaf Holdings Inc. CURLF has finalized a $50 million, three-year secured revolving credit facility.
The Wakefield, Massachusetts-based company noted that the collected net proceeds from borrowings will be utilized to fund further growth, potential purchases, and for usual corporate purposes. The borrowings carry interest on any outstanding principal of 10.25%.
The credit facility is set to mature on Jan. 10, 2024.
The only placement agent for the credit facility was Seaport Global Securities LLC.
"As Curaleaf continues to successfully execute on its growth strategy focused on leveraging the rapidly expanding market for U.S. medical and adult-use cannabis, particularly in light of the recent election results and their expected impact on the sector, the new revolving credit facility we announced today provides additional financial flexibility to our capital structure as well as the opportunity to create future value at a more favorable cost of capital,” Curaleaf CEO Joseph Bayern stated.
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