Kelowna, British Columbia–(Newsfile Corp. – December 31, 2020) – Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state Cannabis cultivator, producer and retailer, is pleased to announce that it has completed all requirements to close the non-binding letter of intent (“LOI”) issued on November 17, 2020 with a private company (“Lender”) for a secured loan of US$2,000,000 (the “Loan”). The Loan carries an interest rate of 10% per annum and is secured by the Apex facility in North Las Vegas and dispensary in Desert Hot Springs. The loan has a one-year term with an option to extend by one additional year. In consideration of the loan, the Company will issue three million shares to the Lender and two million common share purchase warrants as part of the loan agreement.
The net proceeds from the Loan will be used by the Company for expansion of Apex facility and for general working capital purposes.
About Fiore Cannabis Ltd.
Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) is a publicly traded company that has been investing in the development of medical and recreational cannabis products since 2014. Fiore has expanded its operating portfolio to include cultivation, production and retail offerings in our key North American legal jurisdictions Nevada, California and British Columbia. For more information, please visit www.fiorecannabis.com.
For Further Information:
Erik Anderson, President and CEO
1-877-438-5448 Ext. 713
This press release is not an offer of securities of the Company for sale in the United States. The Common Shares of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and the Common Shares may not be offered or sold in the United States except pursuant to an applicable exemption from such registration. No public offering of securities is being made