Cannabis multistate operator Ascend Wellness Holdings plans to issue $15 million in senior secured notes for such “general corporate purposes” as growth initiatives.
The notes, expected to be issued at 97% of face value, are part of a $235 million debt offering completed in July and carry an interest rate of 12.75%, according to a news release.
The notes will mature on July 16, 2029.
Sam Brill, who was installed as Ascend’s CEO in August, said the New York-based MSO’s plan includes opening 20 new stores, which would increase its retail footprint by about 50%.
“Our strategy is clear,” he said in a statement.
“We are well positioned with the resources necessary to expand our presence in our core markets through our diversification in initiative that will maximize the value of our existing assets.
“We are proud of the confidence and support our lenders have shown for our business as we optimize our infrastructure and implement operational efficiencies to deliver improved profit margins, position our company for sustainable cash-flow generation and create long-term value for our shareholders.”
Ascend operates nearly 40 adult-use and medical marijuana stores in seven states, according to the company’s website.
Its brands include Common Goods, Simply Herb, Ozone, Ozone Reserve, Effin’ and Royale.
Medical Disclaimer:
The information provided in these blog posts is intended for general informational and educational purposes only. It is not a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or other qualified healthcare provider with any questions you may have regarding a medical condition. The use of any information provided in these blog posts is solely at your own risk. The authors and the website do not recommend or endorse any specific products, treatments, or procedures mentioned. Reliance on any information in these blog posts is solely at your own discretion.
