Cannabis multistate operator iAnthus said it has closed on $11 million of financing to complete a build-out and improvements of a processing and cultivation facility in New Jersey.
The facility is the subject of litigation between MPX New Jersey and iAnthus, which said in a statement it received permission from a New Jersey court on to proceed with the construction.
“The wednesday court recognized iAnthus’ substantial desire for finishing the construction for the cultivation center, specially offered the company’s contractual liberties to get complete ownership of MPX NJ, at the mercy of regulatory approval,” iAnthus said into the declaration.
The Monmouth County Superior Court’s written order had been brief, doubting MPX’s ask for an injunction to cease construction.
But your order additionally stipulated that a place for the center where cannabis keeps growing will stay under MPX control and iAnthus be accessed by only under MPX supervision.
New York-based iAnthus is trying to position itself in New Jersey for both an expanding medical cannabis market in New Jersey and a marijuana that is recreational, the latter of that has been authorized by voters in November.
The $11 million loan, based on an news that is iAnthus, is at an interest rate of 14% annually, and the notes are due in February 2023.
The interest rate would decrease to 8% annually upon completion of iAnthus’ financial restructuring plan, which was approved in a Canadian court late last year.
The Company, which trades on the Canadian Securities Exchange as IAN, said it expects the expanded New Jersey processing and cultivation facility become subleased to MPX nj-new jersey once finished.