BRACEBRIDGE, ON, Nov. 14, 2018 /CNW/ - Muskoka Grown Limited, a small-batch premium craft cannabis producer located in theheart of beautiful Muskoka, is pleased to announce that it has secured a non-brokered private placement equity investment of $10,000,000. The funding will allow the Company to expand current operations and build out a retail
With this investment, Muskoka Grown intends to accelerate the construction of two additional buildings on the adjacent 32 acres and provide working capital to support its strategic growth plans. With one building focusing on increasing operational capacities, the other will be a centre for cannabis education. The Company especially looks forward to initiating the process to obtain the necessary retail licences required to operate a cannabis retail store at its facility, expanding the offerings of the experience centre in the heart of one of Ontario's most popular destinations.
"We are excited to continue our process towards being a leading premium-craft cultivator in the cannabis industry," said David Grand, Founder & CEO, Muskoka Grown. "Muskoka Grown's brand was created exclusively for the adult market, and creating a safe and educational experience for our consumers remains a key value to our company. There are many exciting directions for our company to grow in Ontario and we will continue to pursue strategic opportunities for Muskoka Grown."
The Company raised the $10,000,000 by a non-brokered private placement, with gross proceeds totaling $10,000,000. The first tranche of $5,000,000 has been closed, and upon completing the migration of its cultivation licence under the Cannabis Act pursuant to Health Canada's Cannabis Tracking and Licensing System to include sales to provincially-authorized retailers, the additional $5,000,000 will be closed. The Company has processed all necessary requirements for the amendment to the licence.
Finally, the Company has received world-class genetics in the form of seeds to begin growing its next set of crops to be used for the production of cannabis products.
Muskoka Grown has completed construction on the first floor of their 65,000 sq. ft. building, with the second floor on track to be complete early Q1 of 2019. This additional space will encompass 40 per cent of the Company's production capacity. The construction of the additional operations building and experience centre are expected to be completed by May 2019.
To support their growth, Muskoka Grown is adding to their passionate team, hosting a job fair at the Natural Health Food Store in Bracebridge, ON on Wednesday, November 21, 2018.
About Muskoka GrownMuskoka Grown is a community-focused cannabis brand, taking a small-batch approach to growing premium cannabis. It obtained a licence to cultivate cannabis under the Access to Cannabis for Medical Purposes Regulations (ACMPRs) on March 23, 2018, which continues as a licence to cultivate cannabis under the new federal Cannabis Act and its associated Cannabis Regulations. Muskoka Grown operates a 65,000 square foot, expandable, state-of-the-art production facility, located in Bracebridge, ON, Canada. Muskoka Grown is proud to be a part of the Muskoka region and supports the local economy and community organizations.
For more information about Muskoka Grown, please visit our website, www.muskokagrown.com, Twitter, Facebook or Instagram.
SOURCE Muskoka Grown Ltd
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