CHICAGO, June 25, 2021 /PRNewswire/ -- PharmaCann Inc., one of the largest vertically integrated cannabis companies in the United States, today announced that it has completed a private offering of 12% Senior Secured Notes due June 30, 2025 (the "Notes"). The net proceeds from the offering were approximately $79.9 million, after the original issue discount and other estimated offering expenses, and will be used for strategic growth opportunities and general corporate purposes.

The Notes were offered and sold only to qualified institutional buyers pursuant to Rule 144A, other accredited investors under Regulation D of the Securities Act of 1933, as amended (the "Securities Act") and to accredited investors in Canada. The Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction. Unless they are registered, the Notes may be offered and resold only in transactions that are exempt from registration under the Securities Act and applicable state securities laws.

Leading U.S. and Canadian lenders participated in the offering. Canaccord Genuity Corp. served as financial advisor to PharmaCann and legal advisors included Fox Rothschild LLP and Dentons Canada LLP.

About PharmaCann

PharmaCann is one of the nation's largest privately held and vertically integrated cannabis companies, providing safe, reliable, and high-quality cannabis products to people in both the medical and adult-use markets. The PharmaCann geographic footprint includes dispensaries and cultivation and processing operations in six states. For more information about PharmaCann, please visit: PharmaCann.com.

Forward-looking Statements

This press release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislations (collectively, the "forward-looking information") that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the Company's results to differ materially from those expressed or implied by such forward-looking information.  Forward-looking information includes all statements that are not historical facts. In some cases, you can identify forward-looking information by the use of forward-looking terminology such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words.  Such forward-looking information is based on the beliefs and assumptions of the Company's management based on information currently available to management. Such forward-looking information is subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking information. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.