Let’s hope they don’t lose this money somewhere in Hong Kong!
Cannabiz Australia reports
Cann Group
Cann Group has executed final documentation to enter into a A$15 million working capital facility with National Australia Bank (NAB) to help scale the business and fund its long-term growth strategy.
Terms have been negotiated for an initial period with a review on November 30, 2022 and for rolling 12-month periods after that. Meanwhile, the two parties have also renegotiated the $50 million loan originally agreed in December 2020 to help fund construction of Cann’s Mildura facility.
CEO Peter Crock said NAB’s ongoing support was a strong validation of the company’s business model and growth strategy.
He added: “With the commissioning of the Mildura facility and the GMP licensing of our Southern facility, we are scaling up production to meet growing demand.
“Having these financing arrangements in place provides us with the confidence to pursue new opportunities in both the Australian market and overseas.”
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