CubicFarm Systems Corp. Announces Completion of Wholesale Financing Program for HydroGreen and Resignation of Leo Benne

  • CubicFarm Systems Corp. announces the completion of a wholesale financing program for its animal feed division

  • Leo Benne resigns as Head of Innovation and member, Board of Directors

VANCOUVER, BC, Nov. 23, 2022 /CNW/ – CubicFarm® Systems Corp. (“CubicFarms” or the “Company”) (TSX: CUB), announces its animal feed division, HydroGreen, Inc. (“HydroGreen”), is entering into a wholesale program and support agreement (the “Program”) with DLL Finance LLC (“DLL”) to provide floor plan financing for the sales of Automated Vertical Pastures™ to HydroGreen’s dealership network. DLL is a division of Rabobank Group, a European-based international financial services provider specializing in the food and agriculture industries.

CubicFarm® Systems Corp Logo (CNW Group/CubicFarm Systems Corp.)

The Program provides interest-free financing for all products sold by HydroGreen to its dealers for up to 180 days, subject to DLL’s credit approval. Upon issuance of the sales invoice and DLL’s approval of the required dealer documentation, HydroGreen will receive the proceeds of sales directly from DLL, net of an initial charge rate which is benchmarked with the 1-month Term Secured Overnight Financing Rate (“SOFR”). Dealers qualified under the Program will be subject to certain curtailment schedules and ancillary fees customary to the financing, as well as interest rates based on SOFR, plus a margin in the event of a term extension beyond 180 days.

“We are very excited to partner with DLL and…

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