Supreme Cannabis greenshoe ups 6% convertibles to C$100 million

By Wendy Van Sickle

Columbus, Ohio, Oct. 19 – The underwriters for Supreme Cannabis Co., Inc.’s 6% convertible debentures due Oct. 19, 2021 fully exercised their C$10 million over-allotment option, increasing the total deal size to C$100 million, according to a press release.

The company priced C$90 million of the convertibles at par with an initial conversion premium of 8.89% on Sept. 27, as previously reported.

GMP Securities LP and BMO Capital Markets co-led the syndicate of underwriters for the bought deal, offered by way of short form prospectus in the provinces of Canada.

The company may force the conversion of the debentures at their conversion price if the volume-weighted average trading price of stock is greater than C$3.43 for any 10 consecutive trading days.

Net proceeds will be used for capacity expansion, working capital and general corporate purposes.

Supreme Cannabis is a Toronto-based B2B wholesale marijuana company.

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