Grown Rogue International has announced it has secured an incremental US$5 million in funding from a national, FDIC-insured commercial bank, expanding the Company's existing senior secured credit facility to US$12 million in aggregate principal.
Proceeds from the expanded facility will be used to support Grown Rogue's growth initiatives, including the expansion of its New Jersey affiliate and the buildout of its Illinois cultivation facility, as well as to enhance overall balance sheet flexibility. The amended terms of the facility include an interest rate of 7.52% for the latest tranche.
"We are excited to close this additional tranche of debt to support our expansion projects and bolster our balance sheet. We continue to execute our disciplined growth strategy," said Obie Strickler, CEO of Grown Rogue. "As one of Grown Rogue's largest shareholders, I take balance sheet discipline seriously. We will continue to be transparent and thoughtful in how we deploy capital to create long-term value for our customers, our team, and our shareholders. Finally, I want to again thank our lender for their continued partnership and trust in Grown Rogue."
For more information:
Grown Rogue
[email protected]
www.grownrogue.com
