ACRGF - Acreage Holdings Makes First Drawdown of Credit Facility
Acreage Holdings (OTC: ACRGF) announced Tuesday that it is tapping into a recently created credit facility, drawing it down in the amount of $21 million. Of that amount, Acreage's net proceeds will be roughly $20.2 million, which it says it will use for working capital and "general corporate purposes."
Acreage originally announced it secured the $100 million credit facility in early February from what it described as a "well-capitalized institutional lender" that has still not been identified.At that time, the cannabis company expected that its first drawdown would be $49 million.
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