SOURCE: Advanced Cannabis Solutions

September 26, 2014 11:19 ET

Advanced Cannabis Solutions Amends Credit Facility

COLORADO SPRINGS, CO--(Marketwired - Sep 26, 2014) - On September 24, 2014 Advanced Cannabis Solutions (OTC: CANN) amended the warrants issued in connection with its definitive agreement with Full Circle Capital Corporation, a closed-end investment company.

As announced in January, the agreement provides that Full Circle will initially provide $7.5 million to the Company in the form of Senior Secured Convertible Notes, subject to certain conditions. An additional $22.5 million can be borrowed by Company with the mutual agreement of the Company and the investment company.

The number of warrants Full Circle has received increased to 1,400,000 and the Exercise Price has been reduced to $4.00 per share. 

At least 95% of the loan proceeds will be used to acquire properties which the Company, consistent with its business plan, will lease to licensed cannabis growers. All other terms of the agreement remain unchanged and no transactions have been funded yet under this facility.

Robert Frichtel, Chief Executive Officer, commented, "We greatly appreciate the confidence Full Circle has shown in our business plan. The capital available under the Full Circle facility should permit CANN to purchase and develop real estate consistent with its business model. We continue to explore real estate opportunities and have a robust pipeline of potential transactions." 

About Advanced Cannabis Solutions

Advanced Cannabis Solutions, Inc. provides services to the regulated cannabis industry throughout the United States. We will lease growing space and related facilities (commercial real estate and equipment) to licensed marijuana business operators for their production needs.

We are pursuing ancillary business products and services including customized finance, capital formation, banking, regulatory compliance consulting and advanced logistical support for grow operations.

ACS does not grow, harvest, distribute or sell cannabis or any substances that violate United States law or the Controlled Substances Act, nor does it intend to do so in the future.

Contact Information

  • Contact Information:

    ACS, Inc.
    Robert Frichtel
    CEO
    (719) 590-1414