General Cannabis Raises Close To $3M In New Capital, Retires Current Debt

Cannabis company General Cannabis Corp. (OTCQB: CANN) revealed Monday it has raised more than $2.9 million in senior convertible promissory notes.

The Colorado-based company aims to improve its financial situation, restructure debt, advance operating cash and minimize interest expenses.

So far, General Cannabis extinguished over $2 million of its short-term debt that had an annual interest rate of 15% due in the first quarter of 2021, and replaced it with notes.

The new notes are set to mature in December  2023, bear a 10% annual coupon, and are …

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