Green Thumb Industries Inc.
GTBIF,
-2.45%
GTII,
-2.61%
said Friday it has closed on a $217 million senior private placement financing of senior secured notes, and will use the proceeds to retire more expensive debt and for general corporate purposes. The Chicago-based cannabis consumer-packaged company said the deal was supported by members of its management team as well as a group of institutional investors. The notes mature in April of 2024 and will bear interest of 7% per annum. The financing allows the company borrow another $33 million in the next 12 months. Buyers of the notes will also receive an aggregate 1.45 million warrants that can be exercised for one subordinate voting share of GTI at an exercise price of US $32.68 per share, for a period of 60 months from the date of issue. Green Thumb's U.S.-listed shares were not active premarket, but have gained 22% in the year to date, while the Cannabis ETFn
THCX,
-0.38%
has gained 48% and the S&P 500
SPX,
+0.68%
has gained 12%.