Cannabis multistate operator iAnthus said it has closed on $11 million of financing to complete a build-out and improvements of a processing and cultivation facility in New Jersey.
The facility is the subject of litigation between MPX New Jersey and iAnthus, which said in a statement it received permission from a New Jersey court on to proceed with the construction.cannabis“The wednesday court recognized iAnthus’ substantial desire for doing the construction of this cultivation center, particularly provided the company’s contractual liberties to obtain complete ownership of MPX NJ, susceptible to regulatory approval,” iAnthus said into the declaration.
The Monmouth County Superior Court’s written order had been brief, doubting MPX’s ask for an injunction to end construction.cannabisBut your order additionally stipulated that a location of this facility where
keeps growing will stay under MPX control and iAnthus be accessed by only under MPX supervision.
New York-based iAnthus is trying to position itself in New Jersey for both an expanding medical cannabis market in New Jersey and a marijuana that is recreational, the latter of that was authorized by voters in November.
The $11 million loan, in accordance with an news that is iAnthus, is at an interest rate of 14% annually, and the notes are due in February 2023.
The loan is secured by all of the company’s New Jersey marijuana assets, which also include a medical
dispensary in Atlantic City.
The interest rate would decrease to 8% annually upon completion of iAnthus’ financial restructuring plan, which was approved in a Canadian court late last year.