Atlas Growers ™ is pleased to announce a first of its kind financing deal with ATB Financial. Atlas Growers ™ is one of the first private cannabis companies in North America to receive bank financing from an accredited financial institution. This marks a major milestone for the North American cannabis company and it paves the way for others in the industry.
“Atlas Growers ™ is pleased to partner with ATB Financial. This development sets the stage for financing of private companies in the budding cannabis industry. After assessing our business plans, corporate team, and strategic partnerships, ATB Financial provided Atlas Growers ™ with great terms, which speaks volumes about our planning, execution and future potential. The relationship with ATB means our state of the art facility in Lac Ste. Anne County continues to be on schedule,” said Sheldon Croome, President & CEO of Atlas Growers ™.
Atlas Growers ™ has raised $10 million in private capital. The agreement with ATB Financial provides another $6.25 million giving Atlas Growers ™ a total of $16.25 million in funding to complete the construction of its state of the art cultivation facility. The company now begins a new private placement to raise capital to fund their 350,000 square foot expansion facility. This enables Atlas Growers ™ to increase its production from an estimated 5,000 kg per year to an estimated 80,000 kg per year.
Atlas Growers ™ is presently in the final phase of constructing an industry leading cannabis production facility under Health Canada’s Access to Cannabis for Medical Purposes Regulations applicant (ACMPR). Atlas Growers ™ plans to open its first cannabis production facility in the first quarter of 2018.