Acreage pays off its old lender | How to order Skittles Moonrock online

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Acreage Holdings, Inc. (CSE : ACRG.A.U )(CSE : ACRG.B.U )(OTCQX : ACRHF )(OTCQX : ACRDF ) announced that it was able pay off its old loan with a new lender. Acreage gets $65 million From a new lender who was not named, with a 10% discount on the original issue amounting to $6.5 million. The new lender gets a board observers right.

The company stated that $48 million was used to pay back a debt owed to another lender who is not affiliated with Canopy. After closing costs and expenses, the net proceeds from the loan to Acreage are approximately $8 million.

Dennis Curran, Chairman and Chief Executive Officer at Acreage, said that the capital infusion would help expand our retail footprint and enhance our presence in core markets. With our improved financial position, we’re well-positioned to act quickly on high-growth opportunities, especially within Ohio’s newly-established non-medical markets.

Acreage informed investors that the new contract has an annual rate of interest of 13.5%, and will mature on September 13, 2027. The new lender will receive interest in cash. Acreage may choose to pay interest in cash or in kind in favor of Canopy. The initial payment will be in kind.

Big debt remains

Acreage In its most recent financial report, the company stated that it had received an notice of default letter Agents of the Prime Rate Credit Facilities due January 2026. By the end of the third quarter, however, the company had corrected the notices by entering into a restated and amended credit agreement.

Acreage reported in its latest MD&A that the company’s interest expense for the six-month period ending June 30, 2024 was $17.9 million. This increased by $359,000 as the company had a higher debt balance than it did in 2023. The company had $261 million in outstanding debt at the end of 2024.

The company informed investors that the cash and cash equivalents amounting to $9 million would be sufficient to cover the future obligations mentioned above, as well as the capital requirements of the existing operations and plans for expansion over the next 12 months.