CANN - TREES Corporation Announces Strategic Restructuring of Senior Secured Loan; Resets 2024 for Growth Focusing on Revenue & Cash Flow Initiatives | Benzinga
DENVER, Dec. 21, 2023 (GLOBE NEWSWIRE) -- TREES CORPORATION (OTCQB:CANN) ("TREES" or the "Company"), a vertically-integrated operator in Colorado and Oregon, today announced a significant restructuring of its senior secured loan; a strategic move designed to strengthen the Company's financial foundation and foster growth. With three years remaining on the loan, this restructuring includes a deferral of interest payments and the provision of additional working capital to support ongoing operations and targeted mergers and acquisitions.
"TREES is firmly committed to our long-term strategy of growth and innovation. This restructuring is a pivotal step towards realizing our vision for 2024 and beyond," said Adam Hershey, Interim CEO of TREES. "By deferring interest payments, reducing our immediate cash needs and securing additional capital, we are not only strengthening our balance sheet but also gaining the flexibility needed to pursue strategic initiatives that will drive revenue growth and cash flow, and enhance shareholder value."
The revised terms of the loan have been met with support from debt lenders, reflecting confidence in our future growth prospects. The deferral of interest payments reduces the immediate cash burden on the Company, allowing more time and resources to be focused on executing strategic initiatives. This support is instrumental in enabling the Company to concentrate on ...