CannTrust, one of Canada’s leading medical marijuana producers, has closed a $15,000,000 mortgage deal with Meridian Credit Union to fund a 180-square-foot expansion of its Niagara greenhouse.
Brad Rogers, president of CannTrust Inc., said the expansion gives the company the ability to acquire “a substantial share” of the increased product demand expected from the pending legalization of recreational cannabis.
Meridian funded $10,000,000 of the mortgage upon closing the deal. The remaining $5,000,000 will be funded when phase two of construction is completed.
The project is anticipated to be “completed and in cultivation” towards the middle of 2018, said a CannTrust media release.
CannTrust recently completed a 250,000-square-foot (phase one) redevelopment of its 430,000-square-foot Niagara Greenhouse Facility.