ECS Botanics has increased its loan facility with National Australia Bank by A$2 million as it prepares for the local and international launch of the Terphogz product line.
It takes the total facility with NAB to $5.2m – all of which remains unused – with the funds set to support the launch of Terphogz in Australia, the UK, Germany and New Zealand.
The local launch is earmarked for the current quarter with the UK roll out expected mid-year.
Negotiations to distribute in Germany and New Zealand are also well advanced with supply contracts likely to be signed this month.
ECS Botanics has high expectations for the Terphogz range having secured an eight-year licensing and marketing agreement with the Californian brand in September 2024.
Managing director Nan-Maree Schoerie said: “We have established a strong foundation for this project, and we anticipate initially launching in Australia this quarter followed by the UK and subsequently Germany and New Zealand based on regulatory timelines for product registrations.”
In addition to the increased NAB funding, the cultivator has also increased a revolving leasing facility by $400,000 to cover a power upgrade for its protective cropping enclosures.
Helius Therapeutics
Helius Therapeutics CEO Carmen Doran exited the business last month with the firm’s largest investor, Guy Haddleton, taking a more hands-on role with the company.
Newsroom reports the firm said Doran had left to pursue external professional aspirations while Haddleton told shareholders he had been made executive chair in February to “evaluate business performance and strategy” after recent sales failed to meet expectations.
Haddleton, who is the largest shareholder in Helius with nearly 85 per cent, said he had also committed a short-term personal loan of NZ$1 million to provide time to complete the review.
However, he stressed the business had a pipeline of new products to roll out in the next year and that he was “quietly confident that we have a great business to be proud of”.
