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Multistate Marijuana Operator Jushi Upsizes Debt Financing To $33.3 Million

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NEWS BRIEF Multistate marijuana operator Jushi upsizes debt financing to $33.3 million

Published 7 hours ago

Florida-based multistate marijuana and hemp operator Jushi Holdings increased a debt financing announced in late July by roughly $18 million, citing strong demand from shareholders and management.

The debt financing, which was meant to fund Jushi’s $37 million purchase of grower-processor Pennsylvania Medical Solutions (PAMS) from Minneapolis-based MSO Vireo Health International, was previously worth $15.25 million

However, Jushi said Friday that the debt financing had closed on $33.3 million worth of subscription receipts, yielding $27.8 million in cash proceeds. “This debt raise solidifies our balance sheet and provides ample liquidity to support our rapid expansion in the high-quality markets that we operate in today,” Jushi CEO Jim Cacioppo said in a news release.

The debt financing consists of 10% senior secured notes, maturing in January 2023, and warrants to acquire subordinate voting shares.

Cacioppo subscribed for $1.5 million worth of notes, and other insiders and management subscribed for $3.6 million.

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Source: https://mjbizdaily.com/marijuana-operator-jushi-holdings-upsizes-debt-financing-to-33-3-million/

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