Chicago & Midwest + Downtown + Retail | December 15, 2020

Cresco Extends and Upsizes Senior Loan

Cresco Labs, the Chicago-based cannabis dispensary operator, closed an agreement with lenders to extend the maturity of its senior secured term loan and increase the loan size to US$200 million. All lenders have agreed to extend the Senior Loan maturity to Jan. 23th, 2023 at a reduced interest rate of 12% per annum.

The increased senior loan proceeds will be used to fund the expansion of Cresco Labs’ operations in its strategic nine-state footprint and capitalize on other targeted growth initiatives in key markets.

“This agreement to extend and increase the Senior Loan reflects the strong growth and profitability that Cresco Labs has demonstrated and the confidence our investors have in our differentiated strategy,” said Charlie Bachtell, CEO and co-founder of Cresco. “We too believe in the tremendous value of our organization and our ability to raise the standard of execution for this industry.”

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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