DENVER and TORONTO, April 03, 2018 (GLOBE NEWSWIRE) -- MJardin Group, North America’s largest turnkey operator of legal cannabis facilities, is pleased to announce the creation of a new company called GrowForce Holdings Inc. (“GrowForce”). The mission of GrowForce is to become one of the premium licensed cannabis producers in Canada and other federally legal markets worldwide. GrowForce completed a private placement financing of its shares, which was offered to all of the securities holders of MJardin.
GrowForce will initially own an existing portfolio of ACMPR-Compliant Facilities in Ontario and Manitoba, including a 120,000 sq. ft. flagship production facility. With a Canadian presence already established, GrowForce will acquire or invest in additional production facilities throughout Canada, partner with various First Nations on cannabis job creation and retail market development, and provide for advanced patient care and adult-use products throughout Canada and other federally-legal markets worldwide.
GrowForce has entered into a license agreement (the “License Agreement”) with MJardin for the exclusive rights to MJardin’s cannabis management services and intellectual property portfolio for use in Canada and other federally legal markets worldwide. The terms of the License Agreement include an operational services agreement for MJardin to provide cultivation, processing and retail services to GrowForce facilities, as well as the exclusive use of MJardin University for staff training and continuing education.
GrowForce is also pleased to announce that Bridging Finance Inc. (“Bridging Finance”), one of Canada’s premier non-distressed private debt financiers and an established leader in private debt infrastructure financing to First Nations, has agreed to provide significant project financing for various opportunities.
“GrowForce, through the License Agreement with MJardin, is strategically designed to leverage MJardin’s wealth of cannabis knowledge, innovative cannabis management software, and training through MJardin University, alongside Bridging Finance’s market-leading financing capabilities which will enable GrowForce to acquire and optimize several large-scale cannabis assets” said James R. Lowe, MJardin’s Chief Cultivation Advisor.
“We are pleased to continue our strategic partnership with MJardin and now GrowForce in Canada, which includes a deeper focus on our collective First Nations strategy of which we are extremely proud to actively support,” said David Sharpe, Chief Executive Officer of Bridging Finance and a member of Tyendinaga First Nation.
As previously announced in December 2017, Bridging Finance and MJardin have established the Bridging Infrastructure Fund that has a particular focus on private debt financing for infrastructure and consolidation of entities within the cannabis sector. Bridging Finance has committed over $75 Million thus far with an additional $60 Million of projects in the pipeline.
“We are excited to launch GrowForce into the Canadian market as a fully-financed and proven operator of cannabis assets with a deep bench of strategic and operational talent, said Rishi Gautam, GrowForce Chairman and Chief Executive Officer.”
Headquartered in Toronto, Ontario, GrowForce will operate throughout Canada and federally legal cannabis markets worldwide.
GrowForce is a Canadian-based cannabis company that operates within Health Canada’s Access to Cannabis for Medical Purposes Regulations. The company owns a majority interest in flagship cannabis facilities operated through Health Canada’s ACMPR, with strategic partnerships for turnkey operations, proprietary software and training, and project financing.
GrowForce’s flagship facilities are intended to be operated by MJardin Group, North America’s largest turnkey operator of legal cannabis facilities, and financed by Bridging Finance Inc., Canada’s leading provider of private credit. Fo or nformation, leas isitgrowforce.ca.
About MJardin Group
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About Bridging Finance Inc.
Bridging Finance Inc. was founded in 2012 as a privately held Canadian company providing middle-market Canadian companies with alternative financing options to those offered by traditional lenders. The funds deployed by Bridging are used to address short-term needs, including restructuring existing debt, providing working capital for growth, as well as supporting inventory purchases, capital expenditures and acquisitions/buyouts. Bridging is also known as one of Canada’s preeminent private debt lenders to First Nations and Inuit throughout Canada as it relates to the financing of infrastructure and other revenue generating projects. For more information, please visit BridgingFinance.ca.
For more information on GrowForce:
Director of Corporate Development