Australia's Cann Group Ensures $50M Loan To Support Facility Completion

Australian cannabis company Cann Group Limited (ASX: CANN) (PINK: CNGGF) revealed Monday it has obtained credit approval from National Australia Bank (NAB) for its $50 million secured debt facility.

Cann Group plans to finalize the administration of the documentation required with National Australia Bank during December.

The loan — a construction facility — will be used to support the ending of the first stage construction of the company’s state-of-the-art medicinal cannabis manufacture site close to Mildura. The first stage should last around 9 months, and …

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