logo-loader

Biome Grow Inc closes C$3M financing to boost processing volumes at its Nova Scotia cannabis operation

Published: 08:35 25 Nov 2019 EST

hands touching cannabis plant
The cannabis cultivator began commercial pot sales in January 2019

Biome Grow Inc (CSE:BIO) (OTCMKTS:BIOIF) announced Monday that it has closed a C$3 million financing to boost the cannabis cultivator’s processing volumes at its Nova Scotia facility. 

The Toronto-based company said that the non-revolving debt financing was sourced by an Atlantic Canada-based lender.

"The incoming capital will allow the business to increase the volumes processed at Highland Grow Inc. to meet the demand we are seeing for our high-quality cannabis products," said CEO Khurram Malik.

READ: Biome Grow subsidiary to sell cannabis products on Prince Edward Island

The company said that the general terms include quarterly interest payments at a rate of 10% over a 24-month term, with principal repayment due at maturity.

Biome will also issue C$1.5 million worth of shares of the company in the form of warrants exercisable at C$0.28 for a four-year period following the closing date.

The cannabis cultivator began commercial pot sales in January 2019.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Full interview: Biome Grow see 7% increase in Q-3 revenue while also raising...

Biome Grow (CSE: BIO) CEO Khurram Malik joined Steve Darling from Proactive in Toronto to discuss the company’s 3rd quarter financial numbers that saw the company increase revenue by 7% Malik also told Proactive about Biome raising 3 million dollars and how they plan on using that capital in...

on 11/27/2019