PharmaCann Completes $40 Million Additional Issuance of Senior Secured Notes
CHICAGO, January 20, 2022–(BUSINESS WIRE)–PharmaCann Inc. (“PharmaCann” or the “Company”), one of the largest, private, vertically integrated cannabis companies in the United States, today announced that it has completed an additional issuance of 12% Senior Secured Notes due June 30, 2025 (the “Notes”). The net proceeds from the upsize were approximately $39.5 million, after the original issue discount and other estimated offering expenses, and will be used for strategic growth opportunities and general corporate purposes. Following this additional issuance, the aggregate principal amount of Notes outstanding was $125 million.
The Notes were offered and sold only to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). The Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction. Unless they are registered, the Notes may be offered and resold only in transactions that are exempt from registration under the Securities Act and applicable state securities laws.
Fox Rothschild LLP served as legal advisor to PharmaCann.
PharmaCann Inc. one of the nation’s largest privately held, vertically integrated cannabis companies, providing safe, reliable, and high-quality cannabis products to people in both the medical and adult-use markets. The PharmaCann geographic footprint includes dispensaries and cultivation and processing operations in six states. For more information about PharmaCann, please visit www.pharmacann.com.