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

The incoming capital will allow the business to increase the volumes processed at its Highland Grow facility in Antigonish, Nova Scotia

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

Quick facts: Biome Grow, Inc.

Price: 0.07 CAD

CSE:BIO
Market: CSE
Market Cap: $7.81 m
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on 11/27/2019

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