Central Alberta cannabis facility secures $56M from ATB Financial

The company building a massive cannabis production facility located in Olds, Alta. says it has secured $56 million in capital from ATB Financial, which will help them construct two different 210,000 square-foot production facilities and expand on another structure.

“This $56 million is one of the first non-dilutive investments to take place in the cannabis industry from a leading financial institution like ATB,” Sundial Growers’ executive chairman Ted Hellard said in a news release on Wednesday.

“Sundial’s relationship with ATB and the capital they are providing is a key milestone in our long-term strategy, which is to accelerate the development of our facility in Olds and to become a leading cannabis company in Canada.”

Max Herrera, director of diversified services at ATB Financial, said the financial institution is “excited to be working with Sundial.”

“Canada’s cannabis sector is a rapidly emerging industry with the potential for substantial and continued growth,” Herrera said.

Sundial said once “Phase 3” of its production facility is complete by 2019, the company will have “the largest purpose-built indoor cannabis facility in the world. right here in Olds, Alberta.”

Sundial Growers Inc. is a privately held, Health Canada-approved and licensed producer of medical cannabis. The company says it currently operates an 18,000 square-foot production facility in Rocky View, Alta. and has two separate production facilities in various stages of completion and licensing.

READ MORE: Sundial Growers medical marijuana facility promises economic boost for Alberta town of Olds

Watch below: On July 18, 2017, Gary Bobrovitz filed this report about a licensed medical marijuana grower putting roots in Olds, Alta.

“By 2020, we expect to be one of the leading cannabis companies in the country with a projected production of over 100-million grams of dry cannabis and over 40-million grams of concentrate or cannabis extract,” the company says on its website.

In July, Sundial Growers told Global News its Olds facility will create 60 jobs to start and that number could grow to 300 jobs when the project is fully established.

Olds is located about 90 kilometres north of Calgary.

© 2018 Global News, a division of Corus Entertainment Inc.

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