By Rebecca Melvin
Concord, N.H., June 25 – PharmaCann Inc. completed an $85 million sale of 12% senior secured notes due June 30, 2025, according to a company news release.
Canaccord Genuity Corp. was a financial adviser to PharmaCann on the transaction sold under Rule 144A and Regulation D.
Net proceeds from the offering were $79.9 million.
The proceeds will be used for strategic growth opportunities and general corporate purposes.
The cannabis company is based in Chicago.
| Issuer: | PharmaCann Inc.
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| Issue: | Senior secured notes
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| Amount: | $85 million
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| Maturity: | June 30, 2025
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| Coupon: | 12%
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| Announcement date: | June 25
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| Distribution: | Rule 144A and Regulation D
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