CannTrust Holdings Inc (OTCMKTS:CNTTF) is a publicly traded Canadian cannabis company that recently went public in July of 2018. The company has been on a tear since going public, with its stock up over 300%. CannTrust recently announced it is selling $300M in long-term notes at an interest rate of 5.50%. The notes mature in 5 years with the principal payable at 5% of the gross proceeds for each of the first three years, and at 5.50% thereafter.
The cannabis industry is growing fast, and there’s a wide range of companies involved in different aspects of the business. The REIT is the latest company to raise a large amount of money by selling new shares. Terra Tech (OTC: TRTC) recently announced the sale of $300 million in five year notes at a yield of 5.50%. The company’s CEO, Derek Peterson, announced the deal, and said all proceeds will be used for the expansion of Terra Tech’s Nevada operations.
19. May 2021 at 4:20 pm
Private placement of 5.50% Senior Notes due 2026 by Innovative Industrial Properties
SAN DIEGO, 19. May 2021-(BUSINESS WIRE)-Innovative Industrial Properties, Inc.(the Company) (NYSE: IIPR) announced today that its operating company, IIP Operating Partnership, LP (the Operating Company), has announced a private placement of $300 million in principal amount of 5.50% senior notes due 2026 (the Notes). The bonds will be issued on the 25th. May 2026. Interest on the bonds is payable semi-annually on the 15th. May and 15. The first payment must be made on 15 November each year. November 2021. The offering is expected to launch on the 25th. May 2021, subject to customary closing conditions. The Notes are general, unsecured and unsubordinated obligations of the Partnership, are fully and unconditionally guaranteed by the Partnership and the Partnership’s subsidiaries and rank pari passu with all existing and future senior unsecured debt obligations of the Partnership, including the 3.75% exchangeable Notes due 2024. The Partnership may, in its discretion, redeem some or all of the Notes at any time and from time to time at the applicable redemption price. If a change of control event occurs, the Partnership must make an offer to purchase each holder’s Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest to, but not exceeding, the date of purchase. The Operating Company intends to use the net proceeds of this private placement to invest in specialized business properties that support the regulated cannabis industry and are consistent with its investment strategy, as well as for general corporate purposes. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities and will not constitute an offer, quotation or sale in any jurisdiction in which such offer, quotation or sale would be unlawful. These securities will only be offered by means of a private offering memorandum. The Notes will be offered and sold only to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended (the Act), and to non-U.S. persons in transactions outside the United States under Regulation S under the Act. The Notes will not be registered under the Securities Act or any state securities laws and, if not registered, may not be offered or sold in the United States without an exemption from the registration requirements of the Act and applicable state laws. The Operating Company does not intend to apply for the listing of the Notes on any stock exchange or automated system for listing on any stock exchange. Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.