Basem Hanna on Getting $25 Million for TerrAscend | Built to Sell Radio
January 12, 2024 |
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Artificial Intelligence (AI) is all the rage these days, but do you remember the cannabis craze? Basem Hanna sure does. He rode that wave to perfection, leaving his cannabis startup with a cool $25 million and shares that could be worth double that one day.
This week’s episode of Built to Sell Radio is a no-holds-barred chat (yep, expect some strong language) about making it big in the green rush. Beyond an entertaining story, you’ll also take away some practical tips on how to:
- Make critical decisions at high-pressure moments.
- Raise money from a hedge fund.
- Avoid being duped by the most devious investors.
- Dodge the depression that often comes after selling a business.
Show Notes & Links
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Definitions
Convertible Note: This is a type of short-term debt that can be converted into equity, typically during a future financing round. It’s often used by startups when it’s too early to determine the company’s valuation. Imagine your friend is opening a lemonade stand and needs $10 to start it. You decide to lend them the $10 they need. But instead of just asking your friend to pay you back in money, you both agree that you can choose to get paid back with lemonades once the stand is up and running.
A convertible note works similarly in the business world. It is a form of short-term debt that converts into equity. In simpler terms, when you give money to a company using a convertible note, you’re initially lending money to the company, just like a loan. But, instead of getting paid back with money, you have the option to get paid back with shares in the company. So, if the company does really well, having shares might be more valuable than just getting your money back with interest.
In essence, a convertible note is like lending money to a friend’s lemonade stand with the option to choose lemonades over your money back in the future if you believe those lemonades will be worth more than your initial $10.
About Our Guest
Basem Hanna
Basem Hanna is a prominent figure known for his accomplishments as a serial entrepreneur. He has achieved multiple successful exits in the fields of real estate and cannabis. His entrepreneurial ventures include founding and building companies like Almega Corp, TerrAscend (TER.CN), and TREC Brands. With over 15 years of experience, Hanna’s expertise spans across diverse sectors such as real estate, cannabis, and capital markets. He currently holds the position of Founder and CEO of Almega Co.
