A Sudbury-based cannabis company that announced plans to set up shop in Espanola last summer has hit a funding snag that's delaying the project's development.
Jeff Scharf, president and CEO of GaiaCann Inc., said plans for the construction of a first-phase cannabis cultivation and extraction facility in northeastern Ontario have been deferred.
Locals from the northeastern Ontario paper mill town about 40 minutes west of Sudbury recently took to Facebook to express confusion.
The 32,000-square-foot facility and a nearby 100,000-square-foot-facility located at 37 & 85 Panache Lake Road on the southeast corner of the community, dubbed “The Innovation Project” and “The Greenhouse Project” on GaiaCann's website, were listed for sale by Royal Lepage in September.
Scharf explained that the building is owned by one of his former companies, but the lender doesn't support cannabis operations, so they needed to explore different funding opportunities.
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