Extreme Biodiesel lands $5M line of credit pre-approval for hemp cultivation, medical marijuana projects

February 10, 2014 |

In California, Extreme Biodiesel and subsidiary XTRM Cannabis Ventures have just received Pre-Approval for a $5 million line of credit from Coastal Mortgage Group for the purpose of purchasing real estate, the companies announced.

XTRM plans to use the credit line for purchasing real estate for the purpose of Hemp Cultivation, Medical Marijuana Cultivation and Commercial Real Estate related to dispensaries so long as it’s use is deemed legal. Some of the terms of the line of credit are that any transactions and property use are deemed legal by state and federal authorities, clear title, and that the Company must contribute at least 10 % of the purchase price.

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