Jupiter Research, a marijuana vape cartridge subsidiary of Phoenix-based Tilt Holdings, refinanced and extended its revolving credit facility.
The amount of credit available to Jupiter increased from $10 million to $12.5 million, according to a Tuesday news release.
The debt now matures July 21, 2024, instead of July 2023.
The interest rate is the prime rate plus 3%.
The funds are secured against Jupiter’s property, inventory and accounts receivable as well as through a $6 million guaranty from Tilt.
Jupiter initially entered the credit facility with New York-based Entrepreneur Growth Capital in July 2021.
Tilt, which has been working to restructure its near-term debt maturity, reduced its nonrevolving debt from $86.7 million in 2021 to $46 million, according to a February release.
Meanwhile, George Odden, a partner at M&A-focused Ardent Advisory Group in Arizona, was appointed to Tilt’s board of directors.
Shares of Tilt, whose portfolio includes technology, hardware, cultivation and production companies, trade as TILT on Canada’s NEO Exchange and as TLLTF on the over-the-counter markets. (Full Story)