American Seed & Oil Company announces 12 marijuana grow-room facility expansion
Recently announced State of Maine multi-grow-room facility is pilot for expansion planned during next 18 months
Algae International Group, Inc. (OTC: ALGA), through its operating subsidiary American Seed & Oil Company, has announced plans to construct up to 12 multi-room indoor grow facilities during the next 12–18 months.
The company recently announced having secured financing to construct a new facility to grow medical marijuana in the State of Maine. The private lender financing the State of Maine facility has committed to funding a total of up to 12 similar facilities in states where legal medical marijuana or recreational marijuana has been passed into law. The funds to construct the facility in the State of Maine and the anticipated funding of the 12 additional facilities are secured by the facility and the forecasted performance of the grow operations.
'The grow room facility financing structure is ideal for a small public company with an early stage operation in that the funds are secured by the facilities and the forecasted performance,' said Steven Rash, the CEO of Algae International Group, Inc. 'With this financing, the company can expand exponentially without the necessity of issuing stock as would be required in a financing secured by equity.'
Look for more information on the expansion of grow room operations to be published on the company website in the near future: www.americanseedandoil.com.