Aventine Property Group, Inc. (“Aventine” or the “Company“), one of the largest internally managed REITs serving the legal adult- and medical-use cannabis industry, announced today it has completed a private offering of $100 million aggregate principal amount of 8.00% senior unsecured convertible notes due 2026 (the “Notes”). The Notes were sold to a well-respected, large institutional investor. The net proceeds from the offering will primarily be used to acquire and develop licensed cannabis real estate assets, including both retail dispensaries and specialized industrial cultivation and production facilities, throughout the United States. The Notes will mature in July 2026, unless otherwise repurchased, redeemed, or converted. Upon an initial public offering of the Company’s common stock, the Notes will mandatorily convert into common stock at the time of such offering. Interest on the Notes is payable semiannually on June 15 and December 15 of each year. This capital raise is a transformative step for Aventine that validates our spin-off at the beginning of this year.
Published Ncv Newswire, New Cannabis Ventures, 07/13/2021 07:18:00