Greenway secures $6M in funding from the Bank of Montreal
Yesterday, the announcement that Greenway is receiving a $6M term loan from the Bank of Montreal was disseminated on the wires.
Along with an additional $4M investment by Greenway’s founders Carl Mastronardi and Jamie D’Alimonte, Greenway has now procured sufficient funding to complete Phase 1 of Greenway’s expansion plan, independent of funding acquired through a private placement initiative.
That Greenway was able to secure a loan of this size from a Tier 1 lender during its startup phase speaks to the lofty reputation that characterizes the organization. The Greenway leadership team is well-renown for their decades of experience as top growers in Canada, having built one of the most successful greenhouse growing companies (DelFresco Pure) in North America.
The funding received from BMO will enable Greenway to expand operations in several meaningful ways, and represents Greenway’s latest step towards becoming a premiere cannabis producer in Canada.
How the funding will be utilized
Greenway is defined by its expertise in greenhouse growing. The capital acquired from BMO will give us the space and the facilities necessary to put that growing ability to use.
The $10M (inclusive of internal funding) will be used to finance Phase 1 of Greenway’s development. Phase 1 focuses on retrofitting and licensing one acre of greenhouse and warehouse space. Included in this acre is 43,000 square feet for cultivation and 10,000 square feet for processing.
It is estimated that this retrofitting project will lead to the production of 4,000,000 grams of cannabis, each year. Additional space will be added to the facility in subsequent phases to further increase yield.
Over the coming months, we’ll keep you up to date with the progress we’re making for Phase 1 of Greenway’s development plan. In the meantime, you can view additional details of the BMO loan by reading the original press release, right here.