Advanced Cannabis Solutions, whose stock has soared 466 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-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 Tuesday 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.
Investors have sent shares of marijuana-related businesses up as much as 1,700 percent since Colorado and Washington legalized sales to anyone 21 and older. Sales in Colorado began this month and Washington expects its retailers to join around June.
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Shares of Advanced Cannabis, which leases space to producers and vendors, has climbed 39 cents to finish the day at $18.40 on the OTC Bulletin Board.