TILT Holdings Inc’s (OTCMKTS: TLLTF) subsidy, Jupiter Research, LLC, has announced that it has received a $10 million revolving credit facility from Alternative Finance Network (AFN). The beneficiary of the credit facility is Jupiter Research, LLC (Jupiter), which is a subsidiary of TILT Holdings Inc.
Alternative Finance Network seals cannabis financing deal for TILT Holdings Inc
With the financial deal, TILT Holdings Inc can access low rates for cannabis financing at prime plus 3.5%. The service is secured with accounts receivable, inventory, and related property from Jupiter. The company is taking the lead in the cannabis industry to begin getting more in line with what non-cannabis commercial businesses experience. According to sources, the proceeds will fund capital projects and also for business purposes. The financial deal is for a two-year term period.
A source from Alternative Finance Network comments on the deal
According to Scott Jordan, who serves as founder of Colorado-based Alternative Finance Network, the financial transaction is proof that the company can guide leading cannabis companies who are looking for working capital. He went on to add that the company’s network of cannabis-friendly funding sources bridges the gap between needy borrowers and potential lenders. Meanwhile, Gary Santo, CEO of TILT Holdings Inc, stated that the company is looking forward to working with Alternative Finance Network in the future.
Tilray Inc (NASDAQ: TLRY) announced the launch of new products
Tilray Inc (NASDAQ: TLRY) announced that the company had launched medical cannabis edibles. The new products are launched in THC and CBD-rich varieties of chocolates and soft chew gummies. The new cannabis edibles are available for patients across Canada. According to sources from the company, the newly launched medical cannabis edibles are available in two formulations.
Commenting on the new product launch, Jim Meiers, who serves as President of the company, went on record and stated that the company’s goal is to bring in to the market quality medical cannabis products that can enhance the quality of life users. Tilray Inc is a global cannabis-lifestyle and consumer packaged goods company with a footprint in Canada, the U.S., Europe, Australia, and Latin America.
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