Business
Cann Group (ASX:CAN) share price rockets on NAB (ASX:NAB) update
The Cann Group Ltd (ASX: CAN) share price has started the week in sensational form.
In afternoon trade the cannabis company’s shares are up a sizeable 13% to 35 cents.
Why is the Cann Group share price rocketing higher?
Investors have been buying the company’s shares on Monday after it provided an update on its debt facility.
According to the release, the company has received credit approval from National Australia Bank (ASX: NAB) for a $50 million secured debt facility. Management expects to complete the execution of documentation with the banking giant within the next month.
Why does Cann need a $50 million debt facility?
The release explains that the loan is a construction facility which will be used by Cann to complete the…
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