AU: Grower secures A$50M loan for facility completion

Cann Group Limited has lined up a A$50 million secured debt facility from National Australia Bank (NAB). The funds will allow the company to complete the construction of the A$112 million first stage of its project near Mildura, which will enable it to produce 12,500 kgs of dried flower per year.

In July, the company indicated that it had secured seven customer contracts and suggested that it would generate revenue of A$21 million in its fiscal year ending in June 2021. In August, it raised over A$40 million through the sale of its stock.