Liht Cannabis Corp. has secured a one-year 15% $1.9M USD bridge financing loan maturing April 1, 2020. The loan proceeds were used to purchase 13.8 acres of land with a 28,000 ft2 facility and additional buildings located in Lynden, Washington for $4.2M USD.
"We are actively negotiating the definitive agreements in an arm's length transaction with Canabiz Systems Inc. Canabiz has the rights to a biospherical system providing cannabis cultivators with a low-cost operating model while maximizing cultivation canopy through vertical-stacking. The ownership of title on the property is integral in finalizing the definitive agreements."
"Canabiz Systems Inc. will pay for the equipment and tenant improvements required for Alphapheno, a Tier 3 license holder with unlimited processing ability. This means the Tenant is able to buy cannabis supply from the Washington market and process it into a variety of products that include but are not limited to extracts/oils, edibles and pre-rolled cannabis products. Upon signing of the definitive agreements, it is estimated the 28,000 ft2 facility will be scheduled for estimated completion in approximately 3-6 months subject to regulatory approvals", the company continues.
Alphapheno, LLC, Kurt Keating states, "A facility utilizing a vertical growing methodology and an advanced aeroponic control system will allow us to maximize our production floorspace and implement automation not yet seen in our industry. Alphapheno will be positioned for sustainable revenue with this opportunity."