Red White & Bloom borrows $60m to buy Illinois marijuana grow facility

Read more about this deal at Marijuana Business Daily.

A Toronto marijuana company that has been growing hemp in Illinois, Red White & Bloom Brands, has secured a $60 million loan and signed a definitive agreement to acquire an Illinois medical and recreational cultivation facility for $32.5 million.

Red White & Bloom’s purchase of Ontario’s Cannabis Capital Partners includes:

• The rights to a 23,572-foot cultivation and manufacturing facility in Shelbyville, Illinois.
• The operation’s associated inventory.
• 2 acres of land.

The cultivation facility was one of the 21 original “super licenses” issued by Illinois regulators, the release noted.

The “super license” allows for 220,000 square feet of recreational marijuana cultivation canopy as well as processing and manufacturing of extract-based products.

Red White and Bloom has been growing hemp flower in Granville, Illinois, for more than a year through its subsidiary Mid-American Growers Inc.