Federally licensed 94,000 square foot cannabis cultivation and medical research facility
Pharmaceutical-grade facility to provide federally-compliant THC and CBD medications to veterans and first responders across the country
NEWPORT BEACH, Calif., March 8, 2022 (GLOBE NEWSWIRE) — Pelorus Equity Group (“Pelorus” or “the Company”), the leading provider of value-added commercial real estate bridging loans to cannabis businesses and cannabis-related real estate owners, is pleased to announce that it has provided $16.975 million US non-dilutive real estate mortgage financing to Royal Emerald Pharmaceuticals (“Royal Emerald”) for the purchase of a new location in Desert Hot Springs, California. Formerly a Kmart retail store, the new facility located on a 7-acre campus will undergo an extensive renovation and remodeling to transform the 94,000 square foot building into a high-tech facility for the cannabis cultivation and medical research (the “Desert Hot Springs Facility”).
Royal Emerald is a DEA-registered specialty pharmaceutical company working to research and produce federally-compliant THC and CBD medicines for veterans and first responders. As one of the first pharmaceutical companies in the country to receive federal licenses to research, manufacture, import and distribute substances containing THC and CBD, Royal Emerald will be able to ship its products to medical cannabis base across state lines and in international jurisdictions upon completion of the Desert Hot Springs installation.
“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 medical research based on THC and CBD to provide much-needed alternative therapies to veterans and first responders. We believe their work will have a significant impact on the development of the pharmaceutical market in the US cannabis market, with potential international export opportunities also available.
Mr. Leimel added, “The work that Mark and his team are doing is transformational for the US cannabis industry and will benefit patients across the country. They are pioneers and we remain committed to working with those leading the way.
“Our mission is to solve the significant problem that existing pharmaceutical pain management practices have created for patients nationwide, especially our military veterans and first responders,” said Mark Crozier, president and founder of Royal Emerald Pharmaceuticals. “Through our partnership with Pelorus, we are able to deliver the next step in this mission with our new facility. The support we have received from the Pelorus team is unparalleled, and we greatly appreciate the trust they place in us.
Mr. Crozier added: “We believe in the power of alternative plant-derived therapies, including cannabis, to treat and support those who have suffered significant physical and emotional harm. Our veterans and first responders deserve effective pain management options that safely meet their complex needs, and we believe we can lead the way in providing that support. We are also excited to support our local community as our innovative new facility will provide meaningful employment opportunities with an upcoming job fair later this year.
About Royal Emerald Pharmaceuticals Royal Emerald Pharmaceuticals is committed to replacing today’s addictive opioids by developing alternative medicines that will be safe and effective without creating addiction. We care about the health and well-being of our consumers. We adhere to the highest standards and quality measures in our laboratories to ensure that our products exceed the expectations of our consumers. We produce high quality pharmaceutical products by complying with Good Manufacturing Practices (cGMP) required by the Food and Drug Administration (FDA). Our team of experts are experienced in drug research and development, ensuring that our products are consistent, pure and safe for consumers.
For more information, visit https://www.royalemeraldrx.com/.
About Pelorus Equity Group Pelorus Equity Group (“Pelorus”), the leading provider of value-added commercial real estate bridging loans to cannabis businesses and owners of cannabis-related real estate, and its Pelorus Funda private mortgage real estate investment trust (“mREIT”), are changing the landscape of commercial real estate lending in the cannabis sector. Pelorus Fund offers a range of innovative transactional solutions to meet the diverse needs of real estate investors and portfolio managers, and its flexible acquisition and bridge loan programs are the direct result of the company’s participation in more than 5,000 transactions of varying size and complexity.
Since 1991, Pelorus leaders quickly understand an opportunity, structure a logical solution and execute a timely close and have participated in over $5 billion in real estate investment transactions using both debt and debt solutions. equity. To date, Pelorus has completed 63 commercial real estate loan transactions and deployed over $350 million to cannabis businesses and property owners, comprising over 3,200,000 square feet in eight states across the United States. With the ability to finance approved construction drawdowns for repayment within an average of one to three days and a single agreement covering financing for the entire project, the Pelorus Fund helps stabilize its clients’ cash flow. , so they can stay focused on their main business goals.
For more information, visit https://www.pelorusequitygroup.com/.
Media contact: Ellen Mellody 570-209-2947 [email protected]