Family-founded medical cannabis company Curio confirmed Friday it has closed on a $26 million mortgage with Severn Bank acting as the main finance partner.
The news comes on the heels of the Maryland-based company’s $22 million capital raise with new and existing investors.
New Plans
In relation to the closing of the mortgage, Curio announced its plan to add 100,000 square foot of cGMP certified indoor cultivation space to its Timonium headquarters’ cultivation facility. The expansion is set to be online in January.
Furthermore, the company also intends to move its current tissue culture lab, formed last year, to a class 10,000 cleanroom lab and to relocate its manufacturing facility to a 34,000 square foot cGMP certified facility. The relocation is expected to be finalized in September.
With these expansions, Curio will operate under improved quality standards and advance its research and development activities. Just recently, the company rolled out a sleep aid, Good Night, and “mood-based” Y3K vape line.
Curio announced it also plans to open 150 new jobs in the Baltimore region, raising its total employee number to more than 350, while sticking to its promise to hire locally at both facilities.
“This historic expansion will play a key role in strengthening Curio’s R&D capabilities, manufacturing processes, and product offerings,” said Wendy Bronfein, co-founder, chief brand officer and director of public policy at Curio Wellness. “This is an exciting opportunity for the Curio Wellness family and the Baltimore community we’re proud to call our home.”
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