An Alberta-based Health Canada-approved licensed producer of medical cannabis is expanding its operations into Olds.
Sundial Growers Inc. has announced an $11 million private debt financing arrangement that will fund the ongoing development of its flagship cannabis production facility in Olds. Officials say this mix of debt financing and private investor capital to date, will allow for Sundial to complete Phase 1 of the Olds facility.
In a release, Sundial’s Executive Chairman Ted Hellard says this funding will now accelerate the project’s development.
“This is a key milestone in our long-term strategy of becoming a leading licensed cannabis producer in Canada and we have an exceptional partner in the Town of Olds,” states Hellard.
Officials reveal that Phase 1 is expected to be 35,000 square feet and be completed by June of this year. Once fully licensed, Sundial’s Olds facility will produce an estimated 3.8 million grams of dry cannabis annually. By the end of 2018, 30,000 square feet of additional grow space will be added to the building, bringing the Phase 1’s total production capacity to almost 10 million grams. Sundial also owns an additional 30acres of land adjacent to the Phase 1 building.
“Today’s announcement will be the first in a series of debt financing arrangements that have been completed and will be announced soon in conjunction with our Phase 2 and 3 modular construction structures,” adds Hellard. “Once fully built, the Olds facility will deliver over 500,000 square feet of leading edge cannabis production, employing over 650 people.”
Sundial currently operates an 18,000 square foot cannabis production facility in Rocky View, Alberta and two more facilities in various stages of completion and licensing.
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