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Curio Wellness Inks $26 Million Mortgage With Publicly Traded Severn Bank Leading the Financing – New Cannabis Ventures

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Curio Wellness Announces Sizeable Expansion Plans, Beginning With 100,000sq/ft Addition to Timonium Headquarters

Plans backed by newly secured $26 million mortgage and $22 million capital raise

TIMONIUM, MD, June 11, 2021 – Curio Wellness announces the company’s closing on a $26,000,000 mortgage, with Severn Bank serving as the lead finance partner. The first of its kind in the cannabis industry, the mortgage is in addition to closing a recent $22 million capital raise with new and existing investors.

Together, they will drive the following expansion plans:

  • A 100,000-square-foot expansion of cGMP certified, hygienic indoor cultivation at the Timonium headquarters’ cultivation facility
  • Transfer of the existing tissue culture lab, established in 2020, to a 10,000 class-clean-room lab
  • Relocation of the manufacturing facility to a 34,000-square-foot cGMP certified facility

The company’s major plans for expansion will raise Curio’s existing industry setting quality standards to an even higher level and further strengthen the research and development powering its innovative product line, such as their recently launched sleep aid Good Night, and their mood-based Y3K vape line.

This historic expansion will play a key role in strengthening Curio’s R&D capabilities, manufacturing processes, and product offerings. This is an exciting opportunity for the Curio Wellness family and the Baltimore community we’re proud to call our home.

Wendy Bronfein, Co-Founder, Chief Brand Officer, and Director of Public Policy at Curio Wellness

Curio plans to add 150 new jobs to the Baltimore area, bringing their total employee count to over 350, and will continue its commitment to hiring locally at both facilities.

The cultivation facility expansion is set to be online January 2022, with the manufacturing facility relocation opening targeted for this September 2021.

About Curio Wellness

Founded and based in Maryland, Curio Wellness is a family-founded and operated cGMP certified medical cannabis company and trusted healthcare partner. We’re dedicated to increasing the accessibility of this therapeutic and medicative plant to a growing population of citizens who seek a transformational solution to their health complications. For more information, visit www.curiowellness.com.

Source: Company

Published by NCV Newswire

NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

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