Advanced Cannabis Gets $30 Million Credit as Pot Stocks Rise
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Advanced Cannabis Solutions Inc., whose stock has soared 454 percent this year, has obtained as much as $30 million in credit to help acquire properties that it will lease to marijuana growers.
The agreement provides the Centennial, Colorado-based company with $7.5 million through senior secured convertible notes sold to Full Circle Capital Corp, a closed-end investment company, the firms said today in a statement. The six-year obligation, which may be increased by $22.5 million, will be backed by real estate and require interest-only payments of 12 percent annually.