HOUSTON, Oct. 16, 2017 (GLOBE NEWSWIRE) — Indoor Harvest Corp. (OTCQB:INQD), a developer of personalized cannabis medicines and a provider of advanced cultivation methods and processes, announced today that it has signed an investment agreement with Tangiers Global LLC (“Tangiers”) entering into a Fixed Funding Commitment for an equity investment of up to $2 million. The funding is subject to an effective registration statement with the Securities and Exchange Commission. In addition to the execution of the investment agreement, the Company was provided additional bridge funding of $250,000 under an existing $550,000 loan facility that was entered into March 22, 2017 with Tangiers.
The Company has executed initial agreements and is currently finalizing its plans to develop facilities in Colorado, Arizona and Texas. Indoor Harvest has engaged the services of a leading strategic real estate development company in the medical cannabis industry and has brought together a group of technology vendors to include LED lighting and HVAC companies. The group plans to develop a state-of-the-art demonstration facility in Arizona to showcase next generation cultivation technologies and methods for cannabis production.
The groups combined technologies are expected to produce dried cannabis flowers as low as $125 a pound using Building Integrated Agriculture methods. The demonstration farm is intended to showcase the adoption value of the groups combined technologies by dramatically reducing energy, fertilizer usage and labor, while simultaneously allowing for precise, consistent production and expression of cannabis in fully sterile conditions. Indoor Harvest’s soilless aeroponic methods also can dramatically reduce, or