Struggling cannabis merchant owes National Australia Bank $61 million
National Australia Bank-backed cannabis merchant Cann Group revealed it is running out of cash on Friday as a debt owed to the bank grew $5.3 million to $60.96 million, while its investment in a $115 million Victorian cannabis warehouse facility pressures its solvency.
NAB did not respond to a request for comment on the status of the debt facility Cann Group first obtained in December 2020 to finance the warehouse’s construction in Mildura, Victoria.
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