Debt Repurchase Signals Positive Growth For This Globally-Focused Cannabis Company

Zinger Key Points
  • Digicann Ventures has repurchased $14,218,000 of previously issued 10% senior unsecured convertible debentures for $1.6 million.
  • The transaction represents a buyback of over 93% of the debentures currently outstanding on the company’s balance sheet.

Digicann Ventures Ltd. DCNN AGFAF announced Monday that it has successfully negotiated and closed the repurchase of the total principal amount of $14,218,000 of previously issued 10.00% senior unsecured convertible debentures from their holders for a cash repurchase price of $1.6 million.

The transaction represents a buyback of over 93% of the debentures currently outstanding on the company’s balance sheet.

The maturity date of the debentures was extended for an additional twelve months, from March 12, 2023, to March 12, 2024.

With only $1 million of the debentures now remaining on the company’s balance sheet, the transaction significantly improves Digicann’s overall financial condition going forward.

The British Columbia-based company recently signed and closed the sale of the shares of AgraFlora Europe GmbH to an arm’s length third party for gross cash proceeds of €500,000 ($529,675).

That move followed the changing of its name from Agra Ventures Ltd. as part of its process of consolidating its issued and outstanding share capital.

Did you miss the first wave of cannabis investments? Don’t make that mistake again.
Experts believe cannabis stocks have found their floor and are now poised for unprecedented growth.
 Join Benzinga PotProfits. Our in-house canna stock expert, Michael Berger, is on a mission to uncover the most promising cannabis stocks poised for growth, even in a dull market. He leaves no bud unturned to bring you the juiciest potential double-digit opportunities!
 Just this year, the PotProfits portfolio has seen smoking-hot gains like:
  •  47.10% with $GTBIF
  •  40.23% with $TCNNF
  •  21.50% with $VFF
 But here’s the kicker: Michael is about to release his next potential winners, and he’s chomping at the bit to share these ticker symbols with you ASAP.Don’t miss out on the green rush!
Photo: Courtesy of Yeti studio and ImageFlow on Shutterstock
Market News and Data brought to you by Benzinga APIs
Posted In: CannabisNewsBuybacksMarketsdebt repurchasepremium
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

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 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.