Curaleaf Holdings Inc., a leading international provider of consumer cannabis products, announced it successfully completed a new $40 million revolving credit facility with a major commercial regional bank. The credit line will be available to be drawn down as needed for general corporate purposes and working capital needs.
“In my first few months in my new role as CEO, I’ve been focused on cost-savings measures across every facet of the business, with the intent of driving profitable growth,” Curaleaf Chairman and CEO Boris Jordan said. “With our new revolving credit facility, we will have an opportunity to better support various business needs across the globe. This is a milestone event for Curaleaf as this credit line provides flexibility traditionally not available to the cannabis sector and allows us to continue growing Curaleaf as the leader of the global cannabis industry during what continues to be a difficult capital raising environment.”
The new two-year secured revolving credit facility has a maturity date of Dec. 15, 2026. Borrowings under the facility bear interest on any outstanding principal of 7.99%.
H/T: www.cannabisbusinesstimes.com
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