The family-run medical cannabis company Curio confirmed Friday that it has taken out a $ 26 million mortgage, with Severn Bank as its main funding partner.
The news follows the Maryland-based company’s $ 22 million capital increase from new and existing investors.
In connection with the completion of the mortgage, Curio announced its plan to add 100,000 square feet of cGMP-certified indoor growing space to its headquarters in Timonium. The expansion is scheduled to go online in January.
In addition, the company plans to move its current tissue culture laboratory, established last year, to a Class 10,000 clean room laboratory and relocate its manufacturing facility to a 34,000-square-foot cGMP-certified facility. The move should be completed in September.
With these extensions, Curio will work under improved quality standards and advance its research and development activities. Most recently, the company launched a sleep aid, Good Night, and a “mood-based” Y3K vape line.
Curio also announced it will be opening 150 new jobs in the Baltimore area and increasing the total workforce to more than 350, while sticking to its promise to hire on-site 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 proudly call our home.”
Photo by Jeff W on Unsplash
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