Kelowna, British Columbia–(Newsfile Corp. – August 26, 2020) – Citation Growth Corp. (CSE: CGRO) (OTCQX: CGOTF) (“Citation” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, is pleased to announce an update on its Las Vegas operations.
In March 2020, Citation realized the first effects of the global pandemic when it saw the cannabis industry shut down due to government regulations, resulting in a large decline in demand and sales. The company made the decision to remain operational and focus on efficiencies and build the foundation for growth strategies. As the global economy adapted to new business processes, Citation experienced large delays in the product supply chains where normal business processes took days rather than hours. Being a nimble organization, Citation not only adjusted quickly to the new vendor supply chain environment, but also solidified new and synergistic relationships that have greatly enhanced its operational efficiencies and overall quality of input materials.
After a stringent due diligence process, Citation was successful in obtaining a new banking facility by partnering with a Cannabis Compliant Intermediary, who facilitates access to cannabis friendly banking solutions. This opportunity has increased compliance and allowed for access to more traditional lending. Through this Intermediary, Citation has secured an equipment financing loan of $95,585 USD for a period of 12 months with a total interest on repayment amount of 22.5%. The proceeds were dedicated to the purchase of the remaining Fluence Bioengineering VYPR 2P lights required to complete our grow room changeover. The new brand of LED lighting will not only reduce power consumption, but also greatly increase production output, meaning Citation will be able to harvest more of its award-winning Fiore flower while maintaining top-shelf quality of organic cannabis.
With these partnerships created, Citation is also finalizing the implementation of its enhanced growing methodologies, which