PharmaCann Completes $85 Million Senior Secured Note Offering

PharmaCann Inc., one of the largest vertically integrated cannabis companies in the United States, today announced that it has completed a private offering of 12% Senior Secured Notes due June 30, 2025 (the “Notes”). The net proceeds from the offering were approximately $79.9 million, after the original issue discount and other estimated offering expenses, and will be used for strategic growth opportunities and general corporate purposes.

The Notes were offered and sold only to qualified institutional buyers pursuant to Rule 144A, other accredited investors under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”) and to accredited investors in Canada. The Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction. Unless they are registered, the Notes may be offered and resold only in transactions that are exempt from registration under the Securities Act and applicable state securities laws.

Leading U.S. and Canadian lenders participated in the offering. Canaccord Genuity Corp. served as financial advisor to PharmaCann and legal advisors included Fox Rothschild LLP and Dentons Canada LLP.

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