Christina Lake Cannabis Corp. has acquired ownership of outdoor cultivation facilities in Midway, southern British Columbia, from an unidentified privately owned corporation for 3 million Canadian dollars ($2.2 million).
With the acquisition, Christina Lake Cannabis (CLC) expands its licensed outdoor cultivation footprint by approximately 100 acres, the company announced Monday.
The company financed the acquisition through the issuance of a secured convertible promissory note, which bears interest at a rate of 10% for Year One, 15% for Year Two and 20% per year for the remaining three years.
Separately, the company said it plans to complete a non-brokered financing with gross proceeds of up to CA$2.5 million.
Christina Lake said it will issue notes on essentially the same terms as those issued to
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