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Cannabis Tech Firm Adds $30MM TriGrow Capital Facility, Term Loan Product

July 24, 2019, 07:15 AM
Filed Under: Company Announcements

TriGrow Systems announced the addition of a Term Loan product through TriGrow Capital, a division that helps leading operators finance the growth of their businesses through both capital and technology resources.

This division aims to address some of the funding and growth challenges unique to the cannabis industry, by providing equipment financing options and enabling companies to scale rapidly with more balance sheet flexibility. TriGrow Capital has deployed $5.4 million to date, across two deals in Washington and Colorado, and this new financing facility of $30 million will be deployed over the next 12 months.

"We are working to solve a critical need we have seen in this industry for financing capital expenditures," said Richard Weinstein, TriGrow's Chief Business Development Officer and Head of TriGrow Capital. "Cultivators of all sizes and across the globe are seeking options to finance their growth plans and we are endeavoring to meet their needs, offer the choices our customers deserve, and be as helpful as we can to foster their success."

The Term Facility will be provided by Agrinamics Inc., a crucial technology and manufacturing partner to TriGrow. Agrinamics is a Massachusetts-based developer, manufacturer and distributor of hardware and software solutions for the indoor agriculture market. 

"We have been working closely with TriGrow for some time and have been impressed with the forward-thinking solutions they deliver," said Agrinamics' Chief Operating Officer Jim Boudreau. "We believe that with this new financing facility, TriGrow will be able to both help their customers achieve success and greatly accelerate the implementation of their unique offerings in this industry."

TriGrow Capital recently announced a lease financing product and first transaction with a leading Seattle-based producer. Along with this new term facility, the company will continue to explore additional financing avenues on both structure and duration.

TriGrow is an ancillary company providing end-to-end cultivation solutions in which each element has been designed and custom engineered to work together. TriGrow's supportive ecosystem includes Systems, Capital, Supply and Brands.

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