NEWS: Innovative Packaging Company for Cannabis Industry Obtains $50 Million in Credit
An innovative packaging company for the cannabis industry today announced that it closed on a $50 million credit facility.
The financing obtained by KushCo, www.kushco.com, from Monroe Capital, consists of a $35 million revolving line of credit and an accordion of up to $15 million.
The facility will be for a term of five years and will be used for working capital and driving organic growth, as well as for potential acquisitions, according to a press release
“KushCo continues to execute on its less dilutive financing strategy that will provide the capital necessary to support our continued operations and acquisitive growth,” CEO Nick Kovacevich said in the release.
“We’re excited to enter this hyper-growth industry with the company,” Monroe CEO Ted Koenig said.
KushCo, with HQ in Garden Grove, makes ancillary products and services for the cannabis and hemp industries.
Founded in 2010, the company says it’s sold more than 1 billion units to growers, processors and producers across North America, South America and Europe.
The company recently filed an application to uplist to the NASDAQ. See article here.
Monroe Capital, www.monroecap.com, is a private credit asset management firm specializing in direct lending and opportunistic private credit investing.