Creso Pharma to raise $5.35m in secured loans
Medicinal cannabis developer Creso Pharma has received firm commitments to raise $5.35 million via a series of secured loans from strategic investors, to accelerate its global cannabis cultivation and production operations at the Mernova facility.
The funds will be used to support the sales and marketing of Creso’s human and animal health CBD-based products in Europe and Canada and to repay approximately AUD$1 million in debt.
The company will seek shareholder approval to repay the principal of the loans through the issue of up to 107 convertible notes, with a face value of $50,000.
Creso has been granted a cultivation license for its 24,000 square foot Mernova facility and is expecting it to generate its first revenues in Q2 of the 2019 calendar year. The company has already launched two human health and two animal health products in Europe with a further four cannabidiol based products ready for launch.,