July 2021, New York
GLAS Trust Company LLC has recently been appointed Trustee, Registrar, Paying Agent and Collateral Agent for PharmaCann Inc.’s $85 million Fixed Rate Senior Secured Notes issued through DTCC. The issuer will use the funds to pay the fees and expenses of the financing, and the net proceeds will be used to fund strategic growth opportunities and for general corporate purposes. PharmaCann Inc. is one of the largest vertically integrated cannabis companies in the U.S., providing safe, reliable, top-quality cannabis products to improve people’s lives.
“The closing of the PharmaCann transaction signifies another important partnership for GLAS in the cannabis space where we continue to provide first in class service as Trustee to a market-leading organization,” said Martin Reed, Senior Vice President and Head of GLAS Americas LLC.
The GLAS deal team included Yana Kislenko and Serena Harrell.
GLAS Americas has also recently been appointed Trustee and Escrow Agent for HEXO Corp $360 million convertible debenture issuance, Trustee for Innovative Industrial Properties, Inc.’s $300 million 144A Notes offering of 5.50% Senior Unsecured Notes due 2026, and Trustee and Collateral Agent for Turning Point Brands, Inc. $250 million 5.625% Senior Secured Notes due 2026. These three companies are key players in the North American cannabis industry.
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