Pot Co. Acreage Raises $60M In Pair Of Funding Deals
By Jack Queen (June 1, 2020, 7:11 PM EDT) -- Cannabis company Acreage Holdings on Monday said it secured $60 million through a pair of funding agreements, including $10 million in debt secured with the company's medical marijuana dispensaries in Connecticut.
The New York City-based cultivator, manufacturer and dispensary operator said an unnamed institutional investor has also agreed to purchase up to $50 million worth of shares in the company at its discretion. The funds will be used for Acreage's working capital and general corporate purposes, according to a press release.
The deals come as the cannabis industry looks to steady itself amid the upheaval of the coronavirus pandemic and persistent...
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