CannaRoyalty (CSE:CRZ) and its subsidiary RVR Distribution announced an agreement for strategic financing on California cannabis brand Utopia Cannabis.
As quoted in the press release:
Under the Agreement, CannaRoyalty will advance US$750,000 to finance a forward purchase of manufactured products, including Utopia-branded jarred extracts, vaporizer cartridges and edibles (the “Inventory”).
The advanced funds will be used as working capital to accelerate Utopia’s manufacturing and production schedule at their newly permitted Type-7 Manufacturing facility.
Afzal Hasan, President and General Counsel at CannaRoyalty said, “This financing represents the first of many in which we will provide these partners with the tools and resources that they need to lead the industry, first locally in California and then eventually on a global scale. And importantly, we are doing this on non-dilutive terms that allow our brand partners to reap the benefits of their hard-work.