Columbia Care Inc. announced that it has received commitments for a private placement of 6% secured convertible notes due 2025 for gross proceeds of $74.5 million on June 17, 2021. The notes will accrue interest payable semi-annually in arrears and mature on June 29, 2025. The conversion rate will be 154 common shares of the company per $1,000 principal amount of notes at a variable conversion price representing a premium of approximately 25 per cent over the closing price of the common shares on the NEO Exchange on June 17, 2021. The company may redeem the notes, in whole or in part, on or after June 29, 2023, if the volume weighted average price of the common shares trading on the Canadian Stock Exchange or the NEO Exchange for 15 of the 30 trading days immediately preceding the day on which the company exercises its redemption right, exceeds 120 per cent of the conversion price of the notes. The notes issued will be subject to a customary four-month hold period under Canadian securities laws. The transaction is expected to close on or about June 29, 2021, and is subject to the completion of formal documentation and receipt of all regulatory approvals, including the approval of the NEO Exchange and the Canadian Securities Exchange.