Cann Group Secures A$50 Million Loan for Facility Completion

Featured Trending Stories November 23, 2020 MJ Shareholders 0

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)....

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.

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