Cannara Biotech Inc., an emerging vertically integrated cannabis company focused on indoor cultivation and sale of premium cannabis and cannabis-infused products, announced it has secured a first mortgage against its Farnham Facility in the value of $6 million with the Canadian Imperial Bank of Commerce. These funds will reduce the existing vendor take-back mortgage, thereby significantly reducing debt service costs.
The 625,000 square foot Farnham facility is situated forty-five minutes from Montreal on 27 acres, with 32-foot height ceilings. Recently, construction was completed on Phase One consisting of 170,000 square feet, of which 110,000 is dedicated to indoor cultivation with a capacity of 20,000 kg of premium dried cannabis once the cultivation license is granted. The remaining finished space is designed to accommodate various processing stages such as manufacturing, extraction
"Having constructed a state-of-the-art production and processing facility in an outstanding location, and recently advanced our commercial readiness by filing our Health Canada evidence package, this leading Canadian institution was more than comfortable to be our financial partner," said Zohar Krivorot, President and CEO of Cannara. "Once Cannara's cultivation and sales licenses are granted we'll look to augment this mortgage to further reduce our debt service costs."
Puration, Inc. highlighted Canopy Growth’s acquisition of sports beverage maker BioSteel Sports Nutrition. PURA introduced its own CBD infused sports drink
According to the Freedonia Group, demand for cannabis product packaging is anticipated to reach $278 million in 2019, increasing 31% per year to $1.1 billion
Viola, a national leader in the production and sale of premium quality cannabis products founded by NBA veteran Al Harrington, announced the closing of a $16
Pasha Brands Ltd, Canada's largest craft cannabis brands organization, has announced the acquisition of the Beard Brothers Collective brand. Beard Brothers
Flowhub, the leading cannabis retail management platform for modern dispensaries, announced it has raised an oversubscribed $23 million Series A financing
Dewey Scientific, an agritech innovator pioneering the research and development of quality and consistent cannabis genetics, today announced the closing of a