SugarBud gets C$17.65 million credit facility with Farm Credit Canada

By Devika Patel

Knoxville, Tenn., Sept. 5 – SugarBud Craft Growers Corp. arranged a C$17.65 million credit facility with Farm Credit Canada, according to a press release.

The credit facility consists of two tranches, with an C$11.65 million tranche 1 and a C$6 million tranche 2.

Both tranches amortize in 10 years and accrue interest at the option of either a variable interest rate linked to Prime or a closed fixed rate ranging from one year to 10 years at current market rates.

Proceeds will be used to fund an aeroponic cannabis cultivation facility at Stavely, Alta.

The company is also in negotiations for a C$2 million revolving working capital credit facility.

Based in Calgary, Alta., SugarBud is an emerging cannabis and oil and natural gas company.

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