Armed with $30 million in fresh capital earmarked for cannabis investments in the Golden State, Ottawa’s CannaRoyalty says it’s purchased a manufacturing and distribution facility north of San Francisco.
In late June, CannaRoyalty (CSE: CRZ) (OTCQX: CNNRF) – which provides opportunities for investors seeking legal exposure to North American cannabis markets – announced the private placement as it sought additional capital to expand its footprint in California.
The Ottawa-based company has invested heavily in California, the world’s largest legal cannabis market, acquiring pot producers and a firm that manufactures accessories such as vaporizer pens on the strength of a $15-million financing round that it secured earlier this year.
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The Ottawa Hospital’s Campaign to Create Tomorrow enters important next phase
For Ginger Bertrand, some of her earliest childhood memories in Ottawa are centred around healthcare. “I grew up across the street from what was originally the General Hospital,” she explains,
The Ottawa Hospital’s Campaign to Create Tomorrow enters important next phase
For Ginger Bertrand, some of her earliest childhood memories in Ottawa are centred around healthcare. “I grew up across the street from what was originally the General Hospital,” she explains,
In the days following the closing of the latest round of funding, CannaRoyalty closed its previously announced purchase of FloraCal Farms, a profitable premium pot producer that generated US$6.4 million in revenue in the last fiscal year.
On Friday, CannaRoyalty also announced that it was spending US$2.4 million to purchase a licensed distribution and manufacturing facility to improve its California channels.
The push comes at a key time in California’s cannabis market. CannaRoyalty says the state left a “grey” zone on July 1 by mandating retailers cease carrying non-compliant cannabis products.
“We anticipate this may lead to short-term supply disruption, further increasing the value of compliant brand players like FloraCal, to our network,” Afzal Hasan, CannaRoyalty president and general counsel, said in a statement.
