Upwise Capital, a debt financing solution company for marijuana-related businesses, is helping to pioneer the modernization of cannabis cultivation facility construction.
The company recently funded a $10 million 1st Lien Position Construction Loan with Rainbow Realty Group (at 11.5% fixed interest only) to National Green Source —a Colorado-based, vertically integrated cannabis operator, which transformed an old Pepsi PEP bottling center into a cutting-edge marijuana cultivation facility - the first of its kind.
By retrofitting the entire interior of the building using a revolutionary thick foam material and adhesive, National Green Source, along with the expertise of Composite LLC construction, created an insulated shell that will now allow them to cultivate high-quality cannabis indoors at a total cost of $150 to $250 per pound.
“I have toured many cannabis facilities, and helped to finance equipment and construction for cultivators, manufacturers, dispensaries, and labs: I have never seen a facility look so clean and state of the art,” said Joe Lustberg, CEO and managing partner at Upwise Capital. “Once I saw the all-foam walls and structures firsthand, I knew securing this deal would help transform indoor cannabis cultivation.”
Providing more than just a streamlined aesthetic, the building is extremely energy efficient with energy values in the ceilings of R72 and R36 in the walls. Due to the hybrid or alternative construction methods using EPS foam, the building also has built-in resistance to mold, bacteria, termites and is waterproof.
“Composite LLC is excited to bring buildings of the highest efficiency and longevity to the cannabis market. Construction technology that prevents bacteria and mold growth while protecting employees and canopy, alike,” said CEO Jeremy Pollock. “This material can be used for premium grow and retail operations built from the ground up or to retrofit existing facilities.”
Rainbow and Upwise continue to work on a number of transactions, this being the second closed deal in Colorado in the last few months. The partnership between the two New-York based, cannabis-focused debt firms allows borrowers access to the most competitive rates in the debt capital market.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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