PRESS RELEASE
February 1, 2022
New York, NY—Upwise Capital, a premier debt financial solution company for marijuana-related businesses, is helping to pioneer the modernization of cannabis cultivation facility construction. The company recently funded a $10MM 1st Lien Position Construction Loan with Rainbow Realty Group (at 11.5% fixed interest only) to National Green Source—a Colorado-based, vertically integrated cannabis operator, who transformed an old Pepsi bottling center into a cutting-edge marijuana cultivation facility: the first of its kind.
By retrofitting the entire interior of the building using a revolutionary thick foam material and adhesive, National Green Source, along with the expertise of Composite LLC construction, created an insulated shell that will now allow them to cultivate high-quality cannabis indoors at a total cost of $150 to $250 per pound.
“I have toured many cannabis facilities, and helped to finance equipment and construction for cultivators, manufacturers, dispensaries, and labs: I have never seen a facility look so clean and state of the art,” said Joe Lustberg, CEO and Managing Partner at Upwise Capital. “Once I saw the all-foam walls and structures firsthand, I knew securing this deal would help transform indoor cannabis cultivation.”
Providing more than just a stream-lined aesthetic, the building is extremely energy efficient with energy values in the ceilings of R72 and R36 in the walls. Due to the hybrid or alternative construction methods using EPS foam, the building also has built-in resistance to mold, bacteria, termites, and is waterproof.
“Composite LLC is excited to bring buildings of the highest efficiency and longevity to the cannabis market. Construction technology that prevents bacteria and mold growth while protecting employees and canopy, alike,” said CEO Jeremy Pollock. “This material can be used for premium grow and retail operations built from the ground up or to retrofit existing facilities.”
Composite LLC, who now has the exclusivity to build with this alternative product throughout North America, understands that, along with vertical farming, LED lighting, and energy efficiency systems, the use of EPS foam material needs to be integrated into the cannabis construction industry as well.
National Green Source’s CEO, Natalie Romolt, said, “Completing this facility will help to change the cost efficiency that cultivators can produce quality indoor cannabis. Colorado is an open market, which forces the demand to produce at all-time low costs, making this new way of construction so revolutionary for the industry. Not only will it dramatically lower the cost of production, but also transform how the industry treats moisture, molds, and pests. We are so grateful for the Upwise Capital and Rainbow teams for helping us with this project.”
Kyle Shenfeld, President of Rainbow Realty Group, added, “Rainbow is pleased to add this loan portfolio to its balance sheet. By cross-collateralizing the real property based on fundamental non-cannabis loan-to-values, Rainbow is able to offer some of the most competitive interest rates that mid and small cannabis companies have seen, with fixed rates and no amortization.”
Rainbow and Upwise continue to work on a number of transactions, this being the second closed deal in Colorado in the last few months. The partnership between the two New-York based, cannabis-focused debt firms allow borrowers access to the most competitive rates in the debt capital market.
About Upwise Capital:
Upwise Capital is a full-service debt financial solution company for cannabis-related businesses. Fully committed to offering the best financial options to their clients, Upwise Capital can provide a balance sheet of up to $10MM in unsecured, non-dilutive working capital, as well as work with more than 250 capital sources to offer borrowers even more possibilities. There are a variety of debt options offered, including: equipment financing, construction financing, real estate collateralized loans, sale leasebacks, line of credits, term loans, purchase orders, and inventory financing. Upwise is dedicated to shaping this rising industry by providing both funding and development opportunities to qualified companies that share in their vision to be the future of the legal cannabis industry.
Media Contact
Sean Lustberg – Chief Marketing Officer
Sean@Upwisecapital.com
(646) 837-5522
https://upwisecapital.com/press/
The post Upwise Capital Funds $10MM debt facility with Rainbow Realty Group for Efficient Foam Renovation – Revolutionizes the Future of Cannabis Cultivation Facility Construction appeared first on Cannabis Business Executive – Cannabis and Marijuana industry news.
