Canadian CBD company Valens GroWorks Corp. (TSX: VLNS) (OTCQX: VLNCFconfirmed Monday it has secured up to CA$40 million (US$29 million) in financing via syndicated credit facility.

The agreement between the Kelowna, British Columbia-based company, Canadian Imperial Bank of Commerce and ATB Financial will last three years.

The credit facility includes CA$20 million of secured term loan and CA$20 million of secured revolving loan. Under the deal, Valens is granted up to an additional CA$10 million if it decides to raise aggregate commitments.

“With our enhanced balance sheet, we are well positioned to continue to expand our innovative product portfolio, build out our custom manufacturing platform, be opportunistic in a consolidating market and maximize capital allocation to generate the highest return on invested capital for our shareholders,” said Valens CEO Tyler Robson in a statement.

The company said it would utilize funds for expansion of its operations and corporate strategy development.

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