London

Strathroy pot producer set to become major player in cannabis market

A major Canadian bank will lend a Strathroy, Ont.-based Eve & Co. more than $18 million to pay for an expansion that will make the company one of the largest pot producers in the country.

Eve & Co. to add 1-million square feet, produce 50,000 kg of pot annually

Melinda Rombouts is the CEO of Eve & Co Incorporated, a cannabis company west of London that aims its products specifically at women. (Colin Butler/CBC News)

A Strathroy, Ont.-based cannabis producer had secured financing from a major Canadian bank for an expansion that will make the company one of the largest pot producers in the country. 

Eve & Co. Incorporated has secured a $18.7 million loan to add an extra 1-million square feet to its facility west of London. 

When the greenhouse expansion is complete, the company will be able to boost production from 10,000 kg annually to 50,000 kg annually. 

"The perception about this industry is changing," said company CEO Melinda Rombouts. "This is the first time a licensed producer has gotten this type of financing from this kind of bank."

The bank supplying the financing is RBC. A spokesperson for the bank couldn't be reached for comment. 

Rombouts said the expansion is good news for the Strathroy region. 

"The main building will be up next month, hopefully the whole expansion will be done by June, and first harvest will be in the fall of this year," Rombouts said. 

"Right now we have about 70 people working, and by the end of the year we hope that will be up around 130 people." 

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