Redfund Capital Corp (CSE:LOAN) updated on Biominerales Pharma Colombia (BMP Colombia) in which it completed its first investment of $3mln last month, revealing it was granted last week its medicinal cannabis licensure for the national Colombian market.
"Biomerales Pharma has become the #1 trailblazer in Colombia medical cannabis, said Meris Kott, CEO at Redfund.
"With only a few weeks remaining before their expected approval to start government certification for 25 different cannabis medicinal genetics, they have possibly outperformed every cannabis company in Colombia with their low-cost budget, experienced and well known Colombian management team and comprehensive medical platform.
"Redfund will continue to support BMP and looks forward to helping them become the #1 medical cannabis company in South America."
BMP Colombia has the trifecta of licenses in Colombia allowing the company to grow, process and export CBD oil beyond South America to the global marketplace.
In Corinto, the base cannabis farm features both greenhouse and outside growing operations totalling almost 2 million sq ft of outdoor and 15,000 sq ft of greenhouse, producing high volumes of organic medicinal cannabis.
In Tulua, BMP has another farm for growing industrial hemp for CBD.
The first phase in Tulua is projected to yield between 1.2 and 1.4 million pounds of biomass per year.
In Mondomo, BMP is completing a lab where the chief agronomist will execute a process of DNA testing and growing in-vitro to create a super strain of seeds and plants with the highest quality plants free of disease.
BMP is planning to open a series of mobile labs in addition to medical clinics to act as treatment and dispensary distribution centres.
Redfund and BMP signed a two-year term convertible secured promissory note on August 23 for $3M at an annual interest rate of 14%.