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Be the first with the news that moves the market- SOL Global Investments (CSE:SOL) has, through its subsidiary CannCure Investments, secured a C$19.8 million loan to build a new facility
- The loan was issued by Advanced Flower Capital at an interest rate of 13.5 per cent
- Nexus Greenhouses will be commissioned to build an 88,327 sq ft cultivation, processing and lab facility in Indiantown, Florida
- The loan will be secured by a mortgage and other commercially-common security interests
- Shares in SOL Global are currently up 17.24 per cent to C$0.34, with a market cap of C$7.75 million
SOL Global Investments (CSE:SOL) has secured a C$19.8 million loan to build a cannabis facility under its subsidiary, CannCure Investments.
The company, which invests in cannabis-related entities in both the US and Europe, received the loan from Advanced Flower Capital.
Colorado-based Nexus Greenhouses will be commissioned to build the 88,327 sq ft cultivation, processing and lab facility in Indiantown, Florida.
It will feature individual flowering rooms, advanced curing rooms, a research and development lab, trim and packing rooms, and storage and administrative spaces.
The new, state-of-the-art resource will be located directly next to SOL Global’s existing One Plant medical marijuana treatment facility, which covers 54,000 sq ft.
“I am very excited about having Advanced Flower Capital as a capital partner as we scale up our operations as a premium flower company in Florida,” said SOL Global CEO, Brady Cobb.
He added that the construction loan was a significant step forward in the company’s “plans to facilitate expansion and the acquisition of additional market share in the budding Florida marketplace.”
The loan was secured by a mortgage and other commercially-common security interests, with an interest rate of 13.5 per cent.
According to Florida’s Office of Medical Marijuana Use, One Plant has seen above average sales over the last reporting period.
Its cannabis flower products accounted for 1.26 per cent of all flower sold in the state, while its dispensaries only make up 0.43 per cent of the total.
Similarly, the report noted that One Plant sold 77.3 per cent as much flower as Curaleaf Holdings, with only 3.57 per cent as many dispensaries.
The promising start to the year seems only set to improve, with the planned roll-out of nine new dispensary locations throughout Florida in 2020.
All of the proposed outlets will additionally act as a delivery hub, with the aim of solidifying its door-to-door service.
Shares in SOL Global are currently up 17.24 per cent to C$0.34, with a market cap of C$7.75 million.
