Job offersmore »
- Hydroponic Crop Manager - Tahiti
- Manager Operational Excellence - El Salvador
- Area Manager North Europe - The Netherlands
- Senior Veredelaar Bloemen
- Consultant - Head of Sales or Greenhouse Owner
- Consultant - Head Grower of Greenhouse
- IPM Manager - Mona (Utah) USA
- Labor Manager - Mona (Utah) USA
- Assistant Farm Manager - Australia
- New Product Development Assistant Manager
Top 5 - yesterday
- Hyper-local cultivation: Restaurant integrates aquaponics greenhouse
- Can artificial intelligence do as well as farmers in the future?
- US (WI): 20 hectare greenhouse operation to begin next spring
- Village Farms reports net loss, cannabis production ramps up
- German market demands innovation in cherry plum truss tomatoes
Top 5 - last week
Top 5 - last month
Exchange ratesmore »
CAN (AB): Invictus secures financing to fund 180,000 sq. ft. expansionInvictus has signed a commitment letter for a $25.5 million debt financing arrangement with an interest rate at prime plus 2% per annum with ATB Financial to accelerate the construction of its Phase 3 and Phase 4 cannabis cultivation facilities at Acreage Pharms, located in West-Central Alberta. The Expansion Plan will add a total of 180,000 square feet of production capacity to Acreage Pharms. The Phase 3 expansion is underway with over $3 million in progress payments already made for permitting, lot preparation, foundation construction and precast installation. Phase 3 has a target completion date of January 2019 and will bring the company’s gross cultivation space to 200,000 square feet. Phase 4 will be completed by mid-2019.
“We’re ramping up production for the adult-use market in Canada” said Dan Kriznic, Chairman and CEO of Invictus. “As a fast-growing cannabis company, Invictus is aiming to further strengthen its stake in the marketplace with continued development of construction projects, quality products and retail presence. It’s great to see traditional lenders coming into the cannabis space and ATB has proven to be a long-term partner that will not only help finance the Expansion Plan at Acreage Pharms but will also finance other expansion plans as they come to fruition. Utilizing traditional debt financing combined with equity is key to minimizing dilution to our shareholders at the lowest cost of capital possible. Invictus’ share structure with 96.6 million shares issued and outstanding is one of the most efficient capital structures in the public markets when compared to other cannabis companies. We are working diligently on building out our 5 pillars of success to include Medical market, adult-use market, international market, retail market and sourcing supply from other licensed producers. Layered within each of these 5 pillars is our branding strategy, which is currently being finalized and expect to be rolled out in phases over the coming weeks and months as we continue to develop and execute the brand strategy with our partners, the Authentic Brands Group, based out of New York, and one of the largest branding companies on the globe.”
The financing will be deployed in stages and will help fund the development of two additional 90,000 square foot purpose-built indoor cultivation facilities, including all plans and specifications pertaining to the structural, architectural, mechanical, electrical and interior design. Each state-of-the-art expansion will utilize a controlled and regulated environment for cultivation, trimming, drying and storing, and will include 40 individual flower rooms, each with approximately 1,500 square feet of cultivation space. The financing is expected to close mid-August and is conditional upon the completion of final due diligence procedures performed by ATB legal counsel.
On May 18, 2018, Acreage Pharms received its sales license from Health Canada pursuant to the Access to Cannabis for Medical Purposes Regulations, which is the company’s second sales license under the ACMPR.
For more information:
#300 15047 Marine Drive,
White Rock, BC.
White Rock, BC.
Publication date: 8/10/2018
Other news in this sector: