CARLETON PLACE, Ontario, July 05, 2017 (GLOBE NEWSWIRE) -- RockGarden (Company), a medical grade Cannabis company, today announced that it successfully closed a $1.5 million financing round in May 2017. The lead investor of this round is industry expert and former CEO of Cronos Group Inc., Paul Rosen. Proceeds of this financing round were used to complete the first of three phases to bring the Company’s marijuana production footprint to 20,000 square feet. With construction of the first phase nearing completion, the Company anticipates submitting a Confirmation of Readiness to Health Canada in July 2017.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a2d65511-7101-4a8b-a118-8c91d87e07c0
“The financing round was over-subscribed within days of announcing the round, which is a fantastic endorsement by investors of RockGarden’s investment thesis, operating plan, and management team,” said Deborah Hanscom, President at RockGarden. “Furthermore, the addition of Paul Rosen as an investor and advisor has significantly bolstered the Company’s bench strength. His expertise in the Cannabis industry has already proved invaluable.”
“Completion of phase one of construction will be a significant milestone. Our systems are designed to be in full compliance with the ACMPR and we are confident that we will receive a license shortly after construction has been completed,” said Andrew Rock, Chief Operating Officer at RockGarden. “We are gearing up to start production as soon as we receive the green light from Health Canada, while at the same time making great progress in the pre-construction planning for the final two phases of our facility.”
About RockGarden
RockGarden is a medical grade marijuana producer located in Carleton Place, Ontario. It has successfully passed the Review stage in the Health Canada licensing process and expects to complete construction of the first of three phases of its production facility in July 2017. A Confirmation of Readiness is anticipated by July 2017, and a license to cultivate is anticipated by August 2017. Construction phases two and three are anticipated in February 2018 and May 2018 respectively, which will bring total production footprint to 20,000 square feet across nine flower rooms with capacity to produce 1,300kg of medical grade Cannabis annually.