Pelorus Equity Group, a company that provides real estate loans for cannabis businesses, has provided $16.975 million of non-dilutive real estate debt financing to Royal Emerald Pharmaceuticals for the purchase of a new facility location in Desert Hot Springs, California.
Formerly a Kmart retail location, the new facility situated on a 7-acre campus will undergo an extensive renovation and remodel to turn the 94,000 square foot building into a high-tech cannabis cultivation and medical research facility.
Royal Emerald is a DEA-registered, specialty pharmaceutical company working to research and produce federally compliant THC and CBD based medicine for veterans and first responders. As one of the first pharmaceutical companies in the nation to receive federal licenses to research, manufacture, import, and distribute substances with THC and CBD, Royal Emerald will be able to ship its medical cannabis products across state lines and into international jurisdictions upon completion of the Desert Hot Springs Facility.
Unparalleled Supprot
“The opportunity to partner with Royal Emerald is truly a one-of-a-kind transaction for us,” said Dan Leimel, CEO of Pelorus Equity Group, and manager of the Pelorus Fund. “This new high-tech facility will be built to the strict requirements of the regulated pharmaceutical industry and will be the site of exciting new THC and CBD based medical research to provide much needed alternative therapeutics to veterans and first responders. We believe their work will be hugely impactful on the development of the pharmaceutical market within the U.S. cannabis market, with potential international export opportunities available as well.”
Mark Crozier, chairman and founder of Royal Emerald Pharmaceuticals, commented “Our mission is to address the significant issue that existing pharmaceutical pain management practices have created for patients nationwide, especially our military veterans and first responders. Thanks to our partnership with Pelorus, we are able to achieve the next step of this mission with our new facility. The support we have received from the Pelorus team is unparalleled, and we greatly appreciate the confidence they have placed in us.”
Pelorus Equity Group's co-founder and president, Rob Sechrist will be one of the speakers at the Benzinga Cannabis Capital Conference in Miami. There’s still time to sign up for the event that will host many top names in the cannabis industry. Click here for more info.
Photo: Courtesy of Visual Stories || Micheile on Unsplash
