Secured US$6 Million Loan
- FinCanna has a secured loan to CTI of US$6 million earning interest at 20% per annum with interest payable monthly.
- FinCanna has the option to convert the loan into a perpetual royalty equal to a percentage (up to 5% for the full US$6 million) of CTI revenues in perpetuity on projects which FinCanna does not elect to fund.
Coachella and Other Projects
CTI’s Coachella Project is planned for 111,500 ft.² to be developed in phases on six acres and to include vertical grow cultivation, extraction and manufacturing, testing, distribution, and centralized processing. CTI has also secured 7 megawatts of power, the largest the largest power commitment in the Coachella Cannabis Zone from Imperial Irrigation District.
- FinCanna is entitled to complete its funding to CTI of US$8.1 million in exchange for a Royalty of 14% of CTI’s revenues from its Coachella Project;
- FinCanna also has the right to finance CTI’s next 2 licensed cannabis facility projects on the same terms as the Coachella Project.