Tidal Royalty enters into letter of intent to finance Illinois cannabis operator's expansion
Tidal Royalty Corp. (CSE:RLTY) (OTC:TDRYF) has secured a letter of intent (LOI) with Illinois Cannabis Company to provide the licensed operator with up to US$41mln in financing.
The group, which provides cannabis companies in the US with financing in exchange for a share of future revenues, said the Illinois firm will use the funds to expand its operations and make strategic acquisitions.
In return, Tidal Royalty will receive 15% of net sales royalty on all the cannabis operator’s Illinois operations, including existing cultivation and dispensary sales as well as incremental sales generated by the planned expansion.
Tidal Royalty will also purchase the Illinois Cannabis Company’s common shares at an agreed-upon valuation.
READ: Tidal Royalty Corp shares eligible for DTC, which should improve liquidity
“As Tidal Royalty looks forward to where the U.S. cannabis market is headed, we are excited to broaden our investment strategy,” said chief executive and chairman Paul Rosen.
“We are very excited to count the Illinois Cannabis Company among our portfolio constituents. Between the near-term cash flow generated by their existing operations, management’s vision and drive to grow their market share, and the ability to accelerate their growth with Tidal Royalty capital, we feel this is going to be the beginning of a great long-term relationship between our companies.”
The group sees significant opportunity in Illinois as the sixth most populous state in the US with nearly 13 million residents. The medical market in the state expected to grow to US$150mln by the end of 2018, according to Marijuana Business Daily.
Tidal Royalty has also entered into LOIs in California, Nevada and Massachusetts and is evaluating further opportunities in Florida, New York, Arizona, Ohio and Michigan.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202966/tidal-royalty-enters-into-letter-of-intent-to-finance-illinois-cannabis-operator-s-expansion-202966.html
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