BOCA RATON, Fla., Jan. 28, 2021 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCMKTS: JUSHF), a vertically integrated, multi-state cannabis operator, announced that a portion of certain eligible Senior Secured Notes due January 15, 2023 (the “Notes”) will be redeemed on January 31, 2021 (the “Redemption Date”).
On January 7, 2021, Jushi announced that it closed an offering of subordinate voting shares of an aggregate of 6,210,000 subordinate voting shares at a price of C$6.50 per share for total gross proceeds of approximately C$40,365,000 or US$31,808,511, which included the full exercise of the over-allotment option granted to the underwriters (the “Offering”).
Pursuant to the terms of the Notes, the Company was required to offer to repurchase eligible Notes at par plus accrued and unpaid interest, using up to 33% of the net proceeds of the Offering, or US$9.776 million. Holders of eligible Notes were permitted to accept or waive their partial redemption right until January 27, 2021. In total, on the Redemption Date Jushi will redeem US$4.934 of the US$9.776 million of outstanding principal eligible for redemption, which constitutes approximately 51% of the outstanding principal eligible for redemption.
As of the January 28, 2021, on a pro forma basis, including the impact of the partial redemption of the Notes, the Company has approximately US$86 million principal amount of total debt, excluding leases and property, plant and equipment financing obligations and approximately US$128 million of cash and marketable securities on the balance sheet.
About Jushi Holdings Inc.
We are a vertically integrated cannabis company led by an industry leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis-derived assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high quality products across all levels of the cannabis ecosystem. For more information, please visit https://www.jushico.com/, https://twitter.com/wearejushi and https://linkedin.com/company/jushi-inc.