Pelorus Equity Group has closed its US$17.3 million debt financing agreement with Vassar Acquisitions Property Management and its cannabis operating entity, Canapa Valley Farms, an agricultural company focused on sustainable cannabis cultivation and processing techniques, and affiliated entities. Proceeds from the Loan, which closed on October 27, 2022, will support Canapa Valley Farms’ buildout of its state-of-the-art 90,000 sq. ft. greenhouse and 8,500 sq. ft. processing facilities.
“With a deep understanding of cannabis operations and a high-level of CPG experience, Vassar has already invested substantial equity into its Michigan facility,” said Dan Leimel, CEO of Pelorus Equity Group and manager of the Pelorus Fund. “This agreement will help accelerate Canapa Valley Farms’ cannabis-focused growth initiatives and collaborations, like its exclusive partnership to produce premium-quality flower and pre-rolls for award-winning Exotic Genetix in the Great Lake State.”
“Our financing with Pelorus is an important component in getting our project complete and facility online,” said Canapa Valley Farms Manager Frank DeNardo. “We look forward to expanding Canapa Valley Farms’ operations in Michigan and delivering high-quality cannabis products to consumers in the coming year.”
“The entire team at Pelorus, from the term sheet to the closing, was great to deal with,” added Canapa Valley Farms Corporate Counsel Kaveh Kashef. “They worked hard and were professional all along the way. We look forward to our continued relationship with Pelorus.”
“We greatly enjoyed working with Vassar and Canapa Valley Farms’ executive team, which has a combined 50 years of experience in the cannabis space and includes seasoned executives from the craft alcohol industry,” said Pelorus Equity Group Managing Partner Travis Goad. “Vassar and Canapa Valley Farms have state-of-the-art automation systems at the site, which should enable them to reduce production and operating costs via a leaner employee base and minimized touchpoints from seed to sale. We are eager to see them excel in Michigan’s cannabis market.”
For more information:
Pelorus Equity Group
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