December 15, 2020
Cresco Labs, the Chicago-based cannabis dispensary operator, closed an agreement with lenders to extend the maturity of its senior secured term loan and increase the loan size to US$200 million. All lenders have agreed to extend the Senior Loan maturity to Jan. 23th, 2023 at a reduced interest rate of 12% per annum.
The increased senior loan proceeds will be used to fund the expansion of Cresco Labs’ operations in its strategic nine-state footprint and capitalize on other targeted growth initiatives in key markets.
“This agreement to extend and increase the Senior Loan reflects the strong growth and profitability that Cresco Labs has demonstrated and the confidence our investors have in our differentiated strategy,” said Charlie Bachtell, CEO and co-founder of Cresco. “We too believe in the tremendous value of our organization and our ability to raise the standard of execution for this industry.”
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Tags: Financing, Retail