Valens gets loan for up to C$40 million

By Mary-Katherine Stinson

Lexington, Ky., Dec. 16 – Valens Co. Inc. has entered into a secured non-revolving term loan with 2361380 Ontario Ltd. for up to C$40 million, according to a company announcement.

The loan has an interest rate of 10% and matures Dec. 15, 2023 with the initial first interest payment due Dec. 31.

This loan will be used to immediately retire the remaining $7.5 million outstanding under its existing debt facility and will also be used to accelerate the company’s growth strategy, further fund its Canadian operations and expand its U.S. presence.

Valens, headquartered in Kelowna, B.C., Canada, is a manufacturer of cannabis derivative products and provides cannabis processing services, product development, formulation and manufacturing of cannabis consumer packaged goods.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.