Marijuana multistate operator Acreage Holdings has secured a $15 million short-term loan with a whopping 60% yearly interest rate, the company said Wednesday.
The secured note, obtained from an unidentified institutional investor, matures in four months, according to a news release.
Acreage put up as collateral its marijuana business facilities in Florida, Illinois and New Jersey as well as its intellectual property.
Under the terms of the loan, if Acreage were to default, it would owe the lender an additional $6 million.