ECS Botanics secures A$2m loan facility, agrees to sell hemp food business to Ecofibre

ECS Botanics has secured a A$2 million loan facility from National Australia Bank and agreed to sell its hemp food and wellness business to Ecofibre subsidiary Ananda Food for $250,000.

The sale is expected to complete in August subject to due diligence.

The moves come after ECS unveiled a major strategic shift in June with the proposed sale of its Tasmanian operation and the hemp food and wellness division to focus on medicinal cannabis production at its Victorian facility.

The firm said the Tasmanian facility has received “a high level of interest” via agent CBRE, with non-dilutive funds from the sales and the loan used to expand medicinal cannabis production.

Read more at https://www.cannabiz.com.au/ecs-botanics-secures-a2m-loan-facility-agrees-to-sell-hemp-food-business-to-ecofibre/

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