INLB - Item 9 Labs (INLB) - $19 million Construction-Financing Loan for Arizona and Nevada Expansion
Construction Loan. Late last week, Item 9 Labs entered into a $19 million construction-financing loan with Pelorus Equity Group, a leading provider of value-add bridge commercial real estate loans to cannabis businesses. The loan is a significant step in Item 9 Labs' strategy to build out its cultivation capabilities in the fast growing Arizona and Nevada markets.Use of Proceeds. The proceeds will be used to finance the acquisition of 44 acres of adjacent land next to Item 9 Labs’ current 19,200 sq. ft. facility in Arizona and be used to finance the master site development. The Phase 1 expansion will add 9,600 sq. ft. for indoor cultivation, 9,600 sq. ft. of lab and packaging, and a 9,600 sq. ft. head house to support the addition of two 18,000 sq. ft. greenhouses. In addition, in Nevada, Item 9 Labs will use the proceeds to complete its 20,000 sq. ft. state-of-the-art cultivation, manufacturing and lab facility. Read More >>