Jushi Holdings Raises $74.8 Million In Overnight Offering
Jushi Holdings (CSE: JUSH) has closed its previously announced overnight marketed public offering. The company managed to raise gross proceeds of $74.8 million in the process, an improvement from the initial $65.0 million originally announced.
Under the terms of the financing, the company sold a total of 7.5 million subordinate voting shares at a price of $10.00 each, with no warrant being sold in connection with the offering. The total figure includes the full exercise of the over-allotment option issued in connection with the financing.
Proceeds from the offering are to be used for potential strategic transactions, business expansion opportunities, as well as general corporate purposes and working capital. Up to 33% of the net proceeds will also be used to partially repay certain outstanding senior secured notes.
One such use of funds outlined by the company includes the potential acquisition of the cultivation facility currently used in Virginia, which is operated by the firms subsidiary for US$20 million. The company then intends to build out the facility further to expand capacity for the region. Jushi is reportedly in preliminary talks for such an acquisition.
Jushi Holdings last traded at $9.52 on the CSE.
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