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.
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.
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