The Truro Herbal Company (THC) has partnered with IMP Group Limited on a funding investment that will enable it to meet the 2018 legalization dates.
“This relationship sets the foundation for an ambitious growth agenda in collaboration with one of Canada’s best-managed companies,” said THC president Evan Price.
“Our partnership with an entity of IMP’s scale and international track record will enable us to solidify a leading position in the Atlantic Canadian market and beyond,” he said.
THC is a medical marijuana production and research company that will be based in the Truro Industrial Park.
Its 20,000 sq. ft. production facility is currently under construction and is expected to be completed in early 2018, with receipt of final cultivation and sales licensing from Health Canada to follow shortly after.
This IMP investment completes THC’s latest round of financing.
“In the past 14 months we have been raising funds to pay for the building with and we’ve raised just over $12 million,” Price said.
Overall, since the project began about four years ago, THC has raised approximately $13.5 million in capital investments.
“From the company’s standpoint, this gives us a very strong and experienced partner who for the last number of years has been on the list of Canada’s best-managed companies as well as one of Canada’s top employers,” Price said.
“We’re working with a number of partners on sourcing the resources and partnerships that we would be able to meet the market with. But this guarantees that we will be in a position to do that.”
But Price added that the search for private investor funding is ongoing.
“We’re always on the lookout for conversations around partnerships and business ideas for growth,” he said.
“We are obviously starting to think about some additional opportunities, ways that we can become a bigger, better, diversified company and supply locations and customers in the Atlantic region with a variety of options.”