AgraFlora Organics International Inc. (CSE: AGRA) AGFAF said its joint venture venture with the Houwelings Group — Propagation Services Canada Inc. — obtained an agriculture loan.
Cannabis company plans to use the loan to present its cannabis on the market and further support Phase 1 of its cultivation strategy.
Propagation Services Canada Inc. is the company’s flagship cultivation asset based in Delta, British Columbia, which is now set to gain $5 million as part of the loan. This will enable the company to finance cultivation sectors, and for Propagation Services Canada to introduce their first crop to market in the first quarter of 2021.
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More details regarding the terms of the loan weren't disclosed.
According to the AgraFlora board, a fully funded Phase 1 cultivation strategy allows the company to deliver high potency cannabis strains in 2021.
“As partners at PSC, we have full confidence in the Houwelings family's ability to achieve this strategy, given their long history of high-quality agricultural production in low-cost environments, as well as the healthy condition of our award winning genetics," the board states.
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