Canadian cannabis producer Cronos Group is funding its joint venture, Cronos Growing Co., with a $51 million ($70 million Canadian dollars) secured credit line to expand operations to meet increased global demand.
As part of the transaction, Cronos will appoint three new members to the GrowCo board on July 1, according to a press release issued Thursday.
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Under a new supply agreement, Cronos will have the option to purchase up to 70% of total production from the expanded facility.
“This investment enables GrowCo to increase its production of high-quality cannabis, which supports our ambition to expand across the markets we operate in and add new international growth opportunities where they arise,” Cronos Chair and CEO Mike Gorenstein said in a statement.
GrowCo intends
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