Medicinal cannabis start-up Cann Group has been given a major financing boost and says it now has enough cash to build a production facility in Victoria.
The company said on Monday it had received credit approval from National Australia Bank for a $50 million secured debt facility, with documentation expected to be complete within the next month.
Cann Group will use the loan to complete the first stage of its production site near Mildura, with work expected to recommence in February.
The company has already spent about $53 million on site works and a greenhouse and support building.
The total cost of the first stage is estimated to be $112 million.
Cann Group secured a Victorian Government development grant of $1.95…