AgraFlora Organics International Inc. has closed the final two tranches of its $40 million equity participation and earn-in agreement with Delta Organic Cannabis Corp. "Investors have been eagerly awaiting the completion of this deal, not only because it represents a landmark achievement for the Company, but also because it means that the Company’s 2.2 million square foot greenhouse facility in Delta, BC, is now officially, and entirely, funded", the company explains.
"AgraFlora owns an effective 50-per-cent economic interest in the Delta, BC greenhouse project that is currently the second largest built cannabis facility in Canada, and the Company is presently in the process of finishing the first phase of retrofitting operations on it. This first phase will include the full preparation of 350,000 square feet of cultivation and post-processing space, and the Company is aiming to have this phase completed by the summer of 2019. The remainder of the greenhouse space will be retrofitted in two subsequent phases, the final of which is scheduled to be completed at the start of 2020."
"AgraFlora now has the infrastructure and the financing they need in order to confidently move towards their goal of being one of the biggest cannabis producers in Canada, and with their multiple new opportunities with companies like Dixie, Blox, and Relay, they are well positioned to become a force within the global cannabis space as well", the company concludes.
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