Multistate marijuana operator Ayr Strategies announced that it has increased a $75 million debt offering to $110 million because of strong demand. The funding reflects a further loosening of capital markets for marijuana companies with operations in high-growth markets, although the cost of capital remains high. The secured notes were issued at a 12.5% interest rate. Ayr, which is headquartered in New York but has offices in Toronto, said the proceeds will be used to complete and fiance additional expansion of marijuana facilities in Arizona, Ohio, and Pennsylvania.
Sean Hocking, Cannabis Law Report, 12/10/2020 19:18:00