Goodness Growth Holdings, Inc. announced that it expects to receive $10 million in funding
April 27, 2023
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Goodness Growth Holdings, Inc. announced a private placement of convertible notes for gross proceeds of $10,000,000 on April 28, 2023. The convertible facility has a term of three years, with an interest rate of 12.0 percent, including 6.0 percent cash and 6.0 percent paid-in-kind.
On the same date, the company received its first tranche. The company received $2,000,000 in the tranche. In connection with this financing, the Company will issue 6,250,000 Warrants to purchase Subordinate Voting Shares of the Company to the lenders. The Warrants will have a term of five years with a strike price equal to $0.145. The Company does not expect to issue any additional warrants related to this convertible loan facility.
Goodness Growth Holdings, Inc. is a multi-state cannabis company. The Company has operations in four markets in Maryland, Minnesota, New Mexico, and New York. The Company is science-focused and provides patients and adult-use customers with cannabis-based products. It cultivates and manufactures pharmaceutical-grade cannabis extracts and sells its products at both Company-owned and third-party dispensaries to qualifying patients and adult-use customers. It has developed proprietary cannabis strains, cultivation methods, carbon dioxide extraction, ethanol extraction, and other processes related to the production, refinement, and packaging of cannabis products. The Company manufactures, assembles, and packages cannabis finished goods across a range of product segments, including Inhalable, Ingestible, and Topicals. Its brands include Vireo Spectrum, Vireo Selects, 1937, LiteBud, Boundary Waters, Hi-Color, Kings and Queens, and various other flower and trim brands.
GOODNESS GROWTH HOLDINGS, INC. 