Acreage Holdings entered into a short-term definitive funding agreement with an institutional investor for a total of $15,000,000 in gross proceeds.
Financing terms and details
"The secured note has a maturity date of four months and bears interest at a per annum rate of 60%," the team with the company explains. "It is secured by, among other items, the Company’s cannabis operations in Illinois, New Jersey and Florida, as well as the Company’s U.S. intellectual property. In the event of default, the Company is further obligated to pay to Lender an additional fee of $6,000,000. The Company may pre-pay the note without penalty or premium at any time following the 90th day following the closing."
"Acreage expects to use the proceeds for working capital and general corporate purposes," they conclude.
For more information:
Acreage Holdings
acreageholdings.com