Sunens Farms, a joint venture partner of Auxly Cannabis has closed $84 million syndicated credit facilities, with the Bank of Montreal as lead underwriter.
The syndicated senior debt facility will be for $71.5 million for a three-year term together with a BMO $12.5 million leasing facility.
Sunens is a fully automated, purpose-built greenhouse for cannabis cultivation currently under construction in Leamington, ON. the proceeds of the credit facility will be used to fund phase one of the Sunens facility.
The leasing facility will finance processing equipment.
The credit facility and the leasing facility are secured by the Sunens facility, partially guaranteed by the vompany and contain customary financial and restrictive covenants.
Auxly is an international cannabis company dedicated to bringing innovative, effective, and high-quality cannabis products to the medical, wellness and adult-use markets.
