CannCure Investments Inc. Closes USD 15 Million Construction Loan to Expand One Plant Florida
The new indoor facility, to be located on One Plant's existing Indiantown, Florida property, will include individual flowering rooms, post-harvest processing rooms, advanced curing rooms, a full extraction and research and development lab, a kitchen, trim and packaging rooms, research and development cultivation rooms, and storage and administrative space. The new facility will be directly adjacent to One Plant's 54,000 square-foot Nexus Greenhouse in Indiantown. One Plant anticipates the greenhouse will commence full operations before the end of the first quarter of 2020, subject to the receipt of all required regulatory approvals from the Florida Office of Medical Marijuana Use. Nexus Greenhouses, manufactured by the renowned Colorado-based company, Nexus Greenhouse Systems, utilizes modern, agricultural technology combined with a high-yield growing approach to produce indoor-style cultivated flower with less demand on energy resources. One Plant Florida's own 54,000 square foot Nexus greenhouse was designed to include ten (10) separate cultivation rooms, and will employ separate heating and cooling systems for each room, shade control and light deprivation systems, automation, irrigation and fertigation systems, all to enhance One Plant's continued production of the higher quality cannabis flower in the State of Florida. The construction loan consists of a five-year USD 15,000,000 loan, with year one interest only on the amount outstanding, future advances not to exceed USD 20,000,000 in total, and an interest rate of 13.5%. The construction loan is secured by a mortgage and other commercially-common security interests and instruments.