Cann Group has entered into a master asset financing agreement (MAFA) with National Australia Bank (NAB), providing a cost-effective means of buying capital equipment, and allowing the firm to spread the costs over an agreed time period.
The MAFA has a revolving leasing limit of A$750,000 which will decrease when goods are financed and increase when repayments are made. Each financing lease will have a different interest rate, determined by the Reserve Bank’s rate at the time and the nature of the item being leased.
The facility expires on June 30, 2023.
In April, Cann announced it had executed final documentation to enter into a A$15 million working capital facility with NAB to help scale the business and fund its long-term growth strategy.
Meanwhile, the firm’s Mildura facility has been in the news this week after locals noticed a pink glow in the sky, causing the Twittersphere to go into overdrive with theories about its cause.
It turns out, a combination of the facility’s lights and the blinds not coming down in time had lit up the night sky.
CEO Peter Crock told ABC Mildura-Swan Hill Breakfast: “As you might know, cannabis grows on an extended day length. The flowering zone is 12 hours light and 12 hours dark, which is normally 7am to 7pm.
“With the new zone coming into use in the next day or two, we have had the lights on.
“Normally, the blackout blinds close at the same time as the sun sets, but last night we had the lights on and the blinds hadn’t yet closed, so there was a period where it created a glow.
“At 7pm when we put the plants to sleep the lights went off.”
