- Craftport Cannabis (CFT) extends the maturity date and security granted over outstanding loans for $1.99 Million
- $1,990,000, previously received by the company between August 2020 and December 2021 will be part of the agreement
- The loan is repayable in full on the maturity date. It will also bear interest at a rate of 10 per cent per annum in respect of each advance under the loan
- Craftport Cannabis is a Canadian cannabis licensed producer operating out of Peachland, British Columbia
- The proceeds of the loan were used by Craftport to fund general working capital
- Craftport Cannabis Corp. (CFT) is trading at C$0.11 at 9:30 am ET as of April 11
Craftport Cannabis Corp. (CFT) has entered into a loan agreement with an arms-length company to document numerous advances.
An aggregate principal amount of $1,990,000, previously received by the company between August 2020 and December 2021, will be part of the agreement.
In addition, Craftport has set December 31, 2023, as the maturity date in respect of the loan and granted the lender a security interest in respect of the loan.
The loan is repayable in full on the maturity date. The loan bears interest at a rate of 10 per cent per annum in respect of each advance under the loan, calculated from the date of each such advance and payable on the maturity date.
As security for the payment of the company’s obligations under the loan agreement, the company has, concurrently with the loan agreement, granted the lender a general security agreement together with the assignment of rents of the lands located at 4715 Paradise Valley Drive, Peachland, BC.
Craftport used the proceeds of the loan to fund general working capital.
Craftport Cannabis is a Canadian cannabis licensed producer operating out of Peachland, British Columbia.
Its main focus is on the Canadian premium craft cannabis recreational market, utilizing an asset-light model. Craftport is leveraging legacy roots and know-how to introduce unique genetics and strains to the Canadian market.
Craftport Cannabis Corp. (CFT) is trading at C$0.11 at 9:30 am ET as of April 11.