CannaRoyalty’s (CSE:CRZ; OTCQX:CNNRF) subsidiary Trichome Yield signed its first binding term sheet to provide up to $2.5 million to 180 Smoke for funding an expansion of its retail footprint due to the adult-use cannabis legalization in Canada.
As quoted in the press release:
The Financing will support 180 Smoke’s retail and cannabis product offering expansion and prepare the company for entry into Canada’s legal cannabis space, including the opening of 11 new stores and an expansion of the company’s cannabis hardware offering, as well as an increase in related inventory. 180 Smoke and CannaRoyalty’s subsidiary, CR Advisory, will work together to bring innovative cannabis products to the Canadian marketplace to support and complement 180 Smokes’ further expansion into the Canadian cannabis retail space.
“Forming a relationship with leading Canadian omnichannel retail leader 180 Smoke ahead of adult use legalization represents a compelling and unique first deal for Trichome. It also presents CannaRoyalty shareholders with multiple paths to value creation,” said Marc Lustig, CEO of CannaRoyalty.