The funds will be used for certain equipment at the company’s 455,000 square-foot greenhouse and production facility in North Las Vegas, NV.
“As Flower One prepares to commence operations at our greenhouse and production facility, this lease financing provides us with additional financial flexibility,” said Geoff Miachika, Flower One chief financial officer.
The agreement has a five-year term, with the first 12 monthly payments being the equivalent of interest only, followed by forty-eight equal payments, such that all amounts advanced under the lease facility are fully amortized by month 60. The agreement also includes a buyout right upon expiration of the term and early buyout options at months 13, 25 and 37, at the company’s discretion.
Flower One completed an initial draw of $10 million.
Reich Bros Commercial Finance invests capital with growth-oriented businesses that provide infrastructure or ancillary services to the cannabis industry. It makes senior secured loans against real estate, equipment, intellectual property and branded products, predominately in approved U.S. jurisdictions, and can structure financings from $500,000 to $30 million.
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