Jushi Holdings refinances debt with $160 million term loan

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) completed a refinancing of its credit facilities through a $160 million senior secured term loan with funds managed by FocusGrowth Asset Management and other syndicate members, according to a company statement.

The cannabis operator used the proceeds to repay its former senior secured credit facility and former second lien credit facility. The new term loan carries a 12.50% annual interest rate, payable monthly, and matures three years from issuance. The loan was issued at a 4.0% original issuance discount and does not require amortization.

Following the refinancing, Jushi reported approximately $35 million in cash, cash equivalents and restricted cash as of March 27, 2026. The term loan is secured by first priority liens on certain company assets and guaranteed by select subsidiaries.

Two company insiders participated in the loan syndicate. James Cacioppo, chief executive officer and chairman, invested approximately $28 million through his entity Serpentine Capital Management III, LLC. Denis Arsenault, a founder and significant equity holder, contributed approximately $21 million to the loan.

The transaction qualified as a related party transaction under MI 61-101 due to the participation of Cacioppo and Arsenault. The company relied on exemptions from formal valuation and minority shareholder approval requirements. A special committee of independent directors reviewed and recommended approval of the refinancing to the board.

Jushi plans to report its fourth quarter 2025 financial results on March 31, 2026, with a conference call scheduled for 4:00 p.m. ET that day.

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