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Green Thumb Industries announced the closing of a US$105 million senior secured non-brokered private placement financing, by issuance of senior secured notes.
Green Thumb Industries (GTI) (CSE:GTII,OTCQX:GTBIF) announced the closing of a US$105 million senior secured non-brokered private placement financing, by issuance of senior secured notes.
As quoted in the press release:
The Company intends to use the proceeds for general working capital purposes, various growth initiatives, as well as to retire the Company’s existing debt.
“Strategic capital allocation is fundamental to the business and this financing strengthens our balance sheet at an attractive cost of capital for our business and shareholders,” said GTI Founder and CEO Ben Kovler. “We are well-positioned to capitalize on the attractive market opportunities in front of us. The proceeds will fuel our aggressive growth plans for faster route-to-market in key markets like New Jersey, as well as pursue expansion opportunities that broaden the reach of our brand portfolio.”
The Notes have a maturity date of May 22, 2022 and will bear interest from the date of issue at 12 percent per annum, payable quarterly, with an option, at the discretion of the Company, to extend an additional 12 months. The financing permits the Company to borrow an additional US$45 million over the next six months.
