GARDEN GROVE, CA / ACCESSWIRE / August 22, 2019 / KushCo Holdings, Inc. (OTCQX:KSHB) (”KushCo” or the ”Company”), today announced that it has closed on a $50 million credit facility (the “Facility”) with Monroe Capital LLC (“Monroe”), consisting of a $35 million revolving line of credit and an accordion of up to $15 million that will be available subject to covenant compliance and borrowing base availability.
The Facility will be for a term of five years and will be used for working capital and driving organic growth, as well as for potential acquisitions.
KushCo continues to execute on its less dilutive financing strategy that will provide the capital necessary to support our continued operations and acquisitive growth. We are excited to partner with an entrepreneurial-focused private credit firm such as Monroe, and we have plans to grow our businesses together providing critical products and services to the cannabis and CBD industry.
Nick Kovacevich, KushCo’s Chief Executive Officer
“As the size of our customer’s business grows, it’s imperative to have an adequately sized credit facility that will increase as our business grows,” Kovacevich continued.
We’re excited to enter this hyper-growth industry with the Company. They are a best in class business in a unique position to take advantage of opportunities in this emerging business sector and we look forward to supporting their continued growth and capital needs.
Ted Koenig, President & CEO of Monroe
About KushCo Holdings
KushCo Holdings, Inc. (OTCQX:KSHB) (www.kushco.com) is the premier producer of ancillary products and services to the cannabis and hemp industries. KushCo Holdings’ subsidiaries and brands provide, product quality, exceptional customer service, compliance knowledge and a local presence in serving its diverse customer base.
Founded in 2010, KushCo Holdings has now sold more than 1 billion units to growers, processors and producers across North America, South America, and Europe.
The Company has been featured in media nationwide, including CNBC, Los Angeles Times, TheStreet.com, Entrepreneur, Inc Magazine. While KushCo Holdings provides products and solutions to customers in the cannabis and CBD industries, it has no direct involvement with the cannabis plant or any products that contain THC or CBD.
For more information, visit www.kushco.com or call (888) 920-5874
About Monroe Capital
Monroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include cash flow, enterprise value and asset-based loans; unitranche financings; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Los Angeles, New York, and San Francisco.
Monroe has been recognized by Creditflux as the 2019 Best US Direct Lending Fund; Private Debt Investor as the 2018 Lower Mid-Market Lender of the Year; Global M&A Network as the 2018 Small Middle Markets Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit www.monroecap.com.
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