Grown Rogue International Inc now has alot more cash at its disposal for expansion plans, corporate expenses and debt refinancing. The Oregon-based cannabis cultivator revealed Monday that it has secured a US$7-million-dollar credit line from an unspecified commercial bank. This loan has a 9.2 percent annual interest rate.
"We are pleased to be announcing the closing of this loan with a top 50 bank holding company in the United States at attractive terms," founder and CEO, Obie Strickler, stated in a news release.
Grown Rogue started its marijuana journey over 15 years ago in Oregon's Rogue Valley, cultivating small batches of medical cannabis.
Now, the grower is also active in New Jersey, Illinois and Michigan with plans to expand further into additional eastern American states. New Jersey weed sales started in December after Grown Rogue finished setting up an indoor cultivation site there.
Read more at Mugglehead Magazine