Ascend Wellness Holdings, a multistate cannabis operator, has successfully finalized a $50 million private placement of senior secured notes. The notes were issued at 97.5% of their face value and are part of a larger $235 million debt offering that was completed in July. These notes carry an interest rate of 12.75% and are set to mature on July 16, 2029.
The New York-based company is strategically positioned to leverage its strong financial foundation and current market conditions, as stated by CEO Sam Brill. Brill emphasized the importance of this funding in executing Ascend’s densification strategy, which aims to expand its retail presence significantly while ensuring value for stakeholders.
In January, Brill revealed plans to open 20 new retail locations, which would expand Ascend’s footprint by approximately 50%. This expansion is part of the company’s long-term strategy, and Brill expressed satisfaction with the demand and support received from lenders. He noted that the lenders’ confidence in Ascend’s management and strategic direction highlights the company’s long-term viability and operational discipline.
Currently, Ascend operates nearly 40 cannabis retail stores across seven states. This latest financial move positions the company to better navigate challenges within the cannabis industry while pursuing its growth objectives.
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