Florida-based multistate marijuana and hemp operator Jushi Holdings increased a debt financing introduced in late July by roughly $18 million, citing sturdy demand from shareholders and administration.

The debt financing, which was meant to fund Jushi’s $37 million buy of grower-processor Pennsylvania Medical Solutions (PAMS) from Minneapolis-based MSO Vireo Health International, was beforehand value $15.25 million

However, Jushi mentioned Friday that the debt financing had closed on $33.3 million value of subscription receipts, yielding $27.8 million in money proceeds.

“This debt raise solidifies our balance sheet and provides ample liquidity to support our rapid expansion in the high-quality markets that we operate in today,” Jushi CEO Jim Cacioppo mentioned in a information launch.

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The debt financing consists of 10% senior secured notes, maturing in January 2023, and warrants to purchase subordinate voting shares.

Cacioppo subscribed for $1.5 million value of notes, and different insiders and administration subscribed for $3.6 million.

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