Cann Group Secures A$50 Million Loan for Facility Completion
November 23, 2020 at 6:32 am
Published by Alan Brochstein, CFA
Cann Group Limited (ASX: CANN) (OTC: CNGGF) announced today that it has lined up a A$50 million secured debt facility from National Australia Bank (NAB). The funds will allow the company to complete the construction of the A$112 million first stage of its project near Mildura, which will enable it to to produce 12,500 kgs of dried flower per year.
Securing the support of a tier one bank is a strong validation of our strategic growth plans. Given the building demand for our products, we have the confidence to immediate ramp up production as soon as the facility is ready.
Cann Group CEO Peter Crock
In July, the company indicated that it had secured seven customer contracts and suggested that it would generate revenue of A$21 million in its fiscal year ending in June 2021. In August, it raised over A$40 million through the sale of its stock.
Published by Alan Brochstein, CFA
Based in Houston, Alan leverages his experience as founder of online community 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email
Cann Group CEO Peter Crock